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Business News Fri, 8 Nov 2019

Cocoa farmers in Ghana, Ivory Coast to get $400 more on every tonne cocoa produced

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Cocoa farmers in Ghana and Cote d’ivoire will from next year get $400 more on every tonne of cocoa.

This follows an agreement between Ghana and Cote d’ivoire to impose a fixed living income differential of $400 dollars on a tonne on all cocoa contracts sold by either country for the 2020\21 Season.

Ghana and Cote d’ivoire are the largest cocoa producers in the world, responsible for 60 percent of all cocoa production globally. However, both countries who make less than two market prices have subjected farmers to abject poverty.

Speaking at a High Level Dialogue organised by the UNDP in Accra, President Akufo-Addo said despite the agreement, the only way to make more money for both countries and farmers is through value addition to cocoa and a search for new markets.

Source: gbcghanaonline.com
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