COCOBOD releases over GH¢25m for bonus payment to cocoa farmers

The national regulator of  Ghana’s cocoa industry, the COCOBOD has announced the release of an amount of GH¢25,500,108.71 for the payment of bonuses to cocoa farmers.

In a press release copied to ghanabusinessnews.com Wednesday July 21, 2010, the Board said the amount has been released to Licensed Buying Companies (LBCs) for the payment of the second tranche of bonuses to cocoa farmers in July.

The payment, the statement said is in fulfillment of the government’s pledge to pay bonuses twice a year to cocoa farmers.

The statement said the bonus to be paid was GH¢40 per tonne (16 bags) or GH¢2.50 per bag of 64 kg of cocoa, and urged all LBCs to comply with the directive and pay up the bonuses to the farmers.

Cocoa is Ghana’s major foreign exchange earner. Provisional data on the external sector indicate that Ghana’s total merchandise exports for the first quarter of 2010 amounted to $1.7 billion, a growth of 20.9% on year-on-year basis and cocoa beans and products earned $704.1 million dollars, an increase of 28.5% according to the Bank of Ghana.

By Emmanuel K. Dogbevi