The government has
announced an increase in cocoa producer price by more than 8 per cent for the
next crop season.
This means that a 64-kilo bag would now be
sold at GH¢515, while a tone would go for GH¢8,249.
The Minister of State
in-charge of Food and Agriculture, Dr Nura Jara disclosed this at the World
International Cocoa Day celebration in Sunyani on Tuesday.
In April this
year, COCOBOD maintained the producer price of cocoa despite suggestions by the
IMF to review it downwards.
The IMF wanted
COCOBOD to review the producer price of cocoa downwards to reflect changes in
international cocoa prices.
Before the
commencement of a cocoa season, mostly in October every year, COCOBOD normally
announces a farm gate price – the producer price – that it will pay to farmers
for their beans in the crop season.
That price was
last increased by 11.76 per cent in October 2016 to cover the 2016/2017 season.
Since then, it has remained unchanged at GH¢7,600 per ton, translating into
GH¢475 per bag of 64 kilograms (kg) gross weight.
Within the
same period, however, the price of cocoa on the international market suffered a
tumultuous fall, dropping from an average of US$2,500 per ton in November 2016
before ending that year at US$2,287 per ton, according to the International
Cocoa Organisation (ICCO).
The price of
cocoa remained bearish throughout 2017, rising only in October before falling
again to end December at US$1,917.68 per ton, according to the world cocoa body.
In 2018,
ICCO’s data showed that prices strengthened consistently to peak at US$2,659.9
per ton in May before fluctuating throughout the remaining part of the year.
The Bloomberg
Terminal, which also tracks global prices of the crop, quoted it at US$2,245
per ton on the morning of April 25.
Source: MyJoyOnline.com
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