Cocoa Producer Price goes up by GH¢192

The government Thursday announced an upward adjustment of the producer price of cocoa from GH¢2, 208 per tonne to GH¢2,400 per tonne for the 2009/2010 season.

This figure translates into GH¢150 per bag of 64 kilogramme weight as compared to GH¢138 per bag announced in October last year.

Dr. Kwabena Duffuor, Minister of Finance and Economic Planning, who announced this at a press briefing in Accra Thursday said the buyers’ margin of cocoa had also been increased from GH¢250 per tonne to GH¢280 per tonne.

He said the government approved the upward revision upon the recommendation of the Producer Price Review Committee (PPRC) which met yesterday. At the last PPRC meeting in October last year, the government decided on a quarterly review of the performance of the cocoa industry.

The minister said to ensure that licensed buying companies continue to play their intermediary role between the government and farmers, the government has decided to reduce the interest for use of COCOBOD seed from 20.5 per cent to 18 per cent with effect from January 1. “The rate of Hauliers is GH¢113.00 per tonne compared to the GH105.00 per tonne announced at the beginning of 2009/2010 season,” he said.

Dr. Duffour directed the COCOBOD to prepare modalities for the implementation of the Social Security Fund for cocoa farmers as enshrined in this year’s budget.

Nana Adjei Damoah, Deputy National Chief Farmer, on behalf of the farmers, expressed appreciation to the government for the upward adjustment, saying that it would in the long run encourage farmers to increase production.