Ghana’s Cocoa industry Be ready for drop in producer price – COCOBOD tells farmers

The Chief Executive Officer (CEO) of COCOBOD, Joseph Boahen Aidoo said this follows the drop in prices on the international market.

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Cocoa farmers in Ghana must brace themselves for a potential decrease in the producer price of cocoa.

The Chief Executive Officer (CEO) of COCOBOD, Joseph Boahen Aidoo said this follows the drop in prices on the international market.

He said due to the drop Ghana will lose about $1000 per tonne of cocoa.

READ ALSO: 2017 budget not enough to supply free fertilisers to cocoa farmers: Minister

Currently, cocoa is being sold at 7,600 Ghana cedis per tonne which is equivalent to $1,914.

“Now you realise that already 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%,” Boahen Aidoo narrated.

Boahen Aidoo said the measures must be put in place to cushion the industry players and Ghana’s economy from the effects of the price drop.

READ ALSO: 40,000 Cocoa farmers to benefit from GH¢2.4m

“So it means that next year we are going to enter a very difficult year for the cocoa industry and also for the Ghanaian economy. We will have to sell our cocoa at a lower price but then we will have to decide whether to reduce the producer price or let it stay there or increase the price,” he said.

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