Producer price of cocoa increased

Abu Mubarik 04:33 - 02 October 2016

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A 64kg bag of cocoa beans will now be sold at GHc475.00 from Gh¢425, representing 77.45 percent increment.

The government has increased the producer price for cocoa by 11 percent, a Deputy Minister for Finance Casseil Ato Forson has said.

He made this known at this at this year’s Cocoa Day at Tepa in Ahafo Ano North District in Ashanti region under the theme, “Transforming the cocoa sector for economic growth." The increment takes effect immediately.

Ghana is the world's second leading producer of cocoa and remains one of the country's major foreign exchange.

“last year, the average FoB per tonne of cocoa sold was US$2,900, and this year the average FoB is $2,950 per tonne. The producer price of cocoa has been reviewed from ¢6,800 per tonne to ¢7,600 pee tonne for 2016/2017,” Mr Forson said.

He assured farmers “government shall continue the Stabilization Fund with annual contributions from the FoB price as a risk mitigation mechanism against declines in international cocoa prices.”

Mr Forson said the government will the Stabilization Fund to "cushion farmers, should the world market price begin to decline as we move into the future.”