Cocoa Producer Price Up

THE Government has increased the producer price of cocoa for the 2001 light crop year from ?217,187.50 to ?242,000 per bag or from ?3,475,000 to ?3,872,000 per tonne.

The new price, which represents an increase of 11 per cent over the previous main crop price fixed last October, is in line with government’s commitment to continue to support cocoa farmers to increase productivity and boost production.

A statement signed by the acting Chief Executive of the Ghana Cocoa Board, Mr S.K Appah, and issued in Accra yesterday said subsequent to the price increase, the government had reviewed both the world cocoa market price and the domestic economic situation and their impact on cocoa farmers.

It recalled the statement made by the Minister of Finance when he presented the 2001 budget, which announced the government’s intention to pay compensation to cocoa farmers in respect of the 2000/2001 main crop season.

The minister explained at the time that half of the amount would be paid in cash, while the remaining half would be used to finance the mass spraying of cocoa farms throughout the country to control diseases and insect pests that plague cocoa farms.

“It is expected that this exercise will not only help to increase productivity, but will create jobs for the youth in the rural areas”, the statement said.