Business News Mon, 29 Apr 2019

Ghana will never reduce cocoa prices – COCOBOD replies IMF

The authority responsible for producer price of cocoa beans in the country has sent a strong response to the International Monetary Fund (IMF) saying it will not reduce prices of cocoa in the country as being directed.

COCOBOD’s last producer price review for the year 2016/2017 season was from GH¢ 6,670 per tonne to GH¢7, 520.

Meanwhile IMF reports indicates a reduction is needed this time around to reflect the changes in cocoa price on the international market.

According to IMF, it has become critical for government to reduce the producer price of cocoa to ensure that the Ghana Cocoa Board (COCOBOD’s) current funding gap of GH¢1 billion does not expand.

But Manager at Office of the COCOBOD CEO, Mr Fiifi Boafo in an interview with GBC said COCOBOD is taking a firm decision in order to help farmers in the country.

“COCOBOD has resolved to this because of a number of reasons. The cocoa farmer is already not in a vantage position condition so any further reduction will worsen the condition”. Mr Fiifi Boafo explained.

"the country has to sacrifice for them, then there is a need to make that sacrifice for the benefit of the people who have contributed to the country’s building over the years”. COCOBOD quoted government to have said.

The outfit added however, it cannot guarantee whether cocoa prices can be maintained or not.

Source: mynewsgh.com
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