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Business News Mon, 1 Oct 2018

COCOBOD maintains Producer Price of cocoa at GHC 475 per bag

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The Ghana Cocoa Board (COCOBOD) has announced that the Producer Price of cocoa for the 2018/2019 cocoa season will remain at GHC 475 per 65kg bag despite the drastic fall in the commodity’s price on the international market.

Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo disclosed this at the 2018 Cocoa Day grand durbar on Monday, October 1, 2018.

Lamenting the drastic fall in the Free on Board (FOB) price of cocoa within the international market, Mr. Joseph Boahen Aidoo stated that government decided to maintain the cocoa producer price instead of reducing it.

“The fall in cocoa price at the world market by 40% is now a public threat and must be of concern to every well-meaning Ghanaian. The FOB price of cocoa was GHC 728.38 per bag in 2016/2017 whiles the producer price at that time was GHC 475 per bag. Even though the FOB (World Market) price dropped GHC 527 per bag in 2017/2018, the Akufo-Addo government decided to maintain the same producer price of GHC 475 per bag,” he explained.

This did not go down well with some cocoa farmers present as they expressed their displeasure by murmuring among themselves.



The COCOBOD CEO argued that the decision was the only laudable alternative since Ghana is the only country, out of the 22 cocoa producing countries, to have maintained its producer price despite the decline in the FOB price.

Present at the event were the Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto, the Osu paramount chief, Nii Okwei Kinka Dowuona VI, and the Greater Accra Regional Minister, Ishmael Ashitey.



Delivering his keynote address, Dr. Afriyie Akoto urged Licenced Cocoa Buying Companies (LBCs) to pay cocoa farmers on time as government maintains the producer price of cocoa by GHC 7,600 per ton.

He also announced the commencement of the 2018/2019 cocoa season, effective Friday, October 5, 2018.



Source: www.ghanaweb.com
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