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Cocoa prices remain unchanged for 2018/19 crop year
Announcing the official opening of the 2018/2019 cocoa season the Minister for Food and Agriculture Dr Owusu Afriyie Akoto said the maintenance of price is for the good of farmers.
Ivory Coast supplies two million tonnes of cocoa to the world market annually
This price was also the same in the 2016/2017 cocoa season.
“The producer price has been maintained to eliminate harsh effects on the drastic decline of cocoa prices on the earnings of cocoa farmers.”
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However, the Ghana Cocoa Board (COCOBOD) said the government must draw a roadmap to clear the outstanding debt of about $ 1 Billion, accrued on its books as a result of maintaining the producer price of cocoa in the 2017/2018 season.
The Chief Executive Officer (CEO) of COCOBOD Joseph Boahene Adu said even though the government has absorbed part of their $2 billion debt they are hopeful it will help in the payment of what is left.
He added that as the price of cocoa continues to fall it will affect the producer price and also cause them to borrow more in topping up or subsidising for the cost.
He was hopeful that the cocoa price will appreciate on the international market.
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