Ghana government announces new producer prices for cocoa

The government has announced a new producer price for cocoa for the 2016/2017 cocoa season.

A tonne of cocoa now sells at GHȼ7,600 as against the previous year’s price of GHȼ6,800.

This means that a bag of 64 kilograms of cocoa, will now sell at GH¢475 as against GHȼ425 in the previous season.

Mr. Cassiel Ato Forson, the Deputy Minister of Finance announced this at the 2016 International Cocoa Day celebration, at Tepa in the Ashanti Region.

This year’s celebration which was on the theme, “Transforming the cocoa sector for economic growth- the role of the youth”, was to appreciate the role of cocoa farmers in national development.

It was also to promote the consumption of cocoa products among Ghanaians to enable them derive the nutritional benefit of cocoa.

Mr. Forson said the average Free On Board (FOB) per tonne for this year is $2,950, representing a change of 5.7 per cent in cedis, from last year’s average FOB which was $2,900.

He urged licensed buying companies to take note and pay farmers with the new producer price.

The Deputy Minister said the Product Price Review Committee shall continue with the Stabilization Funds with annual contributions from the FOB price as a risk mitigation mechanism against decline in international cocoa prices.

Dr. Stephen Kwabena Opuni, the Chief Executive Officer COCOBOD, touching on the theme, said the Youth in Cocoa Farming Programme has so far motivated over 40,000 youths to go into cocoa farming.

He said the ongoing cocoa roads rehabilitation project, is to ensure good road network in all cocoa growing areas in the country.

Dr. Opuni said the free hybrid seed and fertilizer distribution, mass spraying, as well as extension services were some of the strategies his outfit had put in place to improve cocoa production in the country.

Source: GNA