Ghana’s Cocoa Industry Producer price of cocoa to be maintained despite global drop

The Board Chairman of the Ghana COCOBOD, Hackman Owusu Agyeman said they are doing all they can to ensure farmers do not get affected by the falling prices of cocoa on the international market.

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The producer price of cocoa will not be reviewed for farmers for the next crop season.

This assurance was given by the Board Chairman of the Ghana COCOBOD, Hackman Owusu Agyeman.

His comments follow the reaction of the Chief Executive Officer (CEO) of COCOBOD to the falling of cocoa prices on the international market.

READ ALSO: Farmers who cut down unproductive cocoa trees to be compensated

Joseph Boahen Aidoo asked cocoa farmers to brace themselves for a potential drop in the producer price of cocoa because Ghana stands to lose about 1,000 dollars per tonne of cocoa.

Currently, cocoa is being sold at 7,600 Ghana cedis per tonne.

However, Owusu Agyeman said they are doing all they can to ensure farmers do not get affected by the development.

READ ALSO: The sad story behind the collapse of fruit juice factories in Ghana

“Prices are falling. So far we have not touched the producer price for the farmers. We are doing everything possible to achieve some economies of scale and make sure that the farmers don’t get shortchanged. So for now, we are keeping the prices as they are. We have assured them that this government is prepared to do that. Nobody is talking about reducing prices. We are going to do everything possible as the farmers are our primary focus.”

 Boahen Aidoo earlier argued that “about 1,000 dollars has been lost from the international market. But the imperative[thing] is that we are doing forward sales therefore even as the cocoa trees are flowering now we have already sold our cocoa and then again we are currently selling the lack rob beans that is for next year, plus we are selling them at 1,900 cedis which will further be discounted at 20%.”

He also said measures must be out in place to cushion the economy of Ghana from suffering due to the fall in prices.