Business News Fri, 6 Sep 2019

President Akufo-Addo to announce new cocoa price on October 1, 2019

The Chief Executive Officer of COCOBOD Joseph Boahen Aidoo has stated that president Akufo-Addo will announce a new cocoa price for farmers on October 1, 2019.

He maintained that cocoa farmers will be given priority in setting the new price for the commodity for the 2019/2020 crop season.

“I have always told our farmers to expect rainy days in the future,” he said adding that farmers will get a surprise price that will improve their wellbeing.

Mr. Aidoo spoke to journalists after launching the 2019 Cocoa Day.

Ghana and Ivory Coast—the two major producers of cocoa beans have managed to set a floor price for cocoa from which 400 dollars will go to farmers for every ton produced.

The two countries set the price at 2,600 dollars per ton. The move is expected to impact the lives of cocoa farmers by improving their earnings from the commodity.

Mr. Aidoo stated that a committee have been formed to determine the price of cocoa after which President Akufo-Addo will announce it in Suynani on October 1.

Ghana-Ivory Coast harmonizing standards

Mr. Boahen Aidoo disclosed that Ghana is harmonizing standards with Ivory Coast to achieve the same results.

He added that a lot of engagements have gone on with the Ivorian counterparts to ensure that the desired result is achieved.

This, he said will help the two countries in achieving the living income differentials which is key to improving the livelihood of cocoa farmers.


Ghana is trying to return to the days when the country was able to produce one million metric tons of cocoa beans in season.

Currently, the country is doing about 850,000 tons of cocoa beans behind Ivory Coast which is the leading producer of the commodity.

Meanwhile, Ghana’s cocoa beans is considered the best in terms of the quality of the beans.
Source: citibusinessnews.com
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