Ghana Cocoa Olam Ghana pays GHC4 million in premium payments

This was announced at a durbar organized for over 1000 cocoa farmers at Mumuni, near Samreboi in the Amenfi West District of the Western Region.

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The cocoa buying agency, Olam Ghana has paid a total of GHC4 million worth of premiums to cocoa farmers for the 2015/2016 crop season.

This was announced at a durbar organized for over 1000 cocoa farmers at Mumuni, near Samreboi in the Amenfi West District of the Western Region.

Olam Ghana says 2015’s amount represents more than a hundred percent increase over the total premium of Gh₡1.9 million paid to farmers last year, and about 12,000 farmers across the country  benefited from it, with each receiving a bonus of GHC15 per bag of cocoa sold to the company.

READ MORE: COCOBOD Unrestrained takeover of cocoa lands threatens cocoa production

The premiums, popularly known as bonuses, are paid to deserving farmers for selling certified cocoa beans to the company, based on premium grading by cocoa buyers on the international market.

General Manager of Olam’s cocoa Licensed Buying Company (LBC) business, Mr. Eric Asare Botwe, applauded the farmers for a good job done in the previous crop season, and urged them to improve on the quantity and quality of produce by adopting improved farming techniques and practices.

Mr. Botwe added that Olam, on their part are committed to putting in place the right measures to ensure an increase in production of premium cocoa, whilst it works to improve the quality of life of all farmers within Olam’s operational areas.

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