Business News of 2014-02-21

Inequities of the global trading system to be addressed

The Managing Director of Kuapa Kokoo, Mr Emmanuel Arthur, has assured farmers under the umbrella body that it will not relent its efforts to search for avenues, both home and abroad to increase the voice of farmers in addressing inequities of the global trading system.
He explained that farmers deserved better than just a portion of the proceeds of the sale of their cocoa on the world market and that was the reason why Kuapa Kokoo sold a percentage of its output to fair-trade market, of which it was a member.
Speaking to journalists at a press soiree dubbed: “Chocolate Feast” in Kumasi , Mr Arthur said the premium received from the fairtrade sales were invested in projects and activities geared towards enhancing the livelihood of members of the community.
The occasion was part of activities earmarked for the 20th anniversary of the formation of the only licensed cocoa-buying company in Ghana owned by farmers.
Mr Arthur said in their bid to increase the profits from their cocoa and their knowledge of the chocolate market, the association established a company that marketed its own brand of cocoa in Europe and America and together with Twin Trading and Body Shop founded by the then Day Chocolate Company (DCC), a chocolate manufacturing company in UK.
He said currently, Kuapa Kokoo’s shares in the DCC had increased to 45 per cent after Body Shop donated their shares in the company to Kuapa Kokoo. Kuapa Kokoo also had two elected representatives who sat on the board of DCC.
In her address, which she read in Twi, Madam Ali Fatima, the President of Kuafo Kokoo, said the occasion was put together for the media to appreciate and understand how some cocoa farmers in Ghana had been able to establish such an organisation which gave farmers a say in the cocoa industry.
She said the farmers, who formed the Kuapa Kokoo, could pride themselves in many things, including being the largest Fairtrade pioneering organisation in Ghana — that was democratic, gender sensitive and owned a chocolate company abroad among other benefits.
She added that they also benefited from getting extra bonuses, health care, potable drinking water, education for their children and were committed to fighting against the worst form of child labour.
Source: graphic.com
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