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Incentives Govt. poised to meet cocoa production targets; grants 21% price hike

A deputy minister of finance and chairman of the PPRC Cassiel Ato Forson announcing the latest figures at a press briefing said all licensed buying companies must pay the latest prices to farmers or face sanctions.

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Government has agreed on an increase in the producer price of cocoa to the tune of 21.74% for the 2015/2016 crop season effective October 2, 2015. play

Government has agreed on an increase in the producer price of cocoa to the tune of 21.74% for the 2015/2016 crop season effective October 2, 2015.

Government has agreed on an increase in the producer price of cocoa to the tune of 21.74%for the 2015/2016 crop season effective October 2, 2015.

This will see an upward adjustment in cocoa prices  from 350 cedis to 420 cedis on a 64 kilogram bag of cocoa and 6,720 cedis from the previous 5,520 cedis representing an increase of 1200 cedis according to the Producer Price Review Committee (PPRC).

Related: >Commodity Prices Ghana set to benefit from Ivory Coast slump in cocoa production

A deputy minister of finance and chairman of the PPRC Cassiel Ato Forson announcing the latest figures at a press briefing said all licensed buying companies must pay the latest prices to farmers or face sanctions.

Related: > Dollar Inflows Cocoa Board signs $1.8 bil Syndicated Loan today

“The price per bag a farmer will receive is 425 cedis, so please LBCs take note and the LBCs must ensure the farmers are paid at the time of the sale of their produce”, he charged.

Ghana Cocoa Board is also projecting Cocoa production output for the crop season between 850,000 tonnes and 900,000 tonnes.

Related: > Aloof Local banks explain why they snubbed $1.8 billion COCOBOD loan

Government has voiced the ambition to give invectives the optimum production of cocoa in the 2015/2016  crop season. This is also an attempt to decrease the smuggle of cocoa to Ivory Coast for better prices.

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