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Business News of Thursday, 8 June 2017

Source: Myjoyonline.com

No producer price increase, bonus for cocoa farmers in 2017/18 crop season

Ghana Cocoa Board (COCOBOD) has announced that farmers would not enjoy any increase in producer price and bonus for the 2017/18 season.

According to the Chief Executive of COCOBOD, Joseph Boahen Aidoo, the move has been influenced the significant drop in the price of cocoa beans on the international market.

The bean over past two years has reduced from about $3,000 to around $1,900 a tonne, which has resulted in the country losing almost $1 billion in revenue during that period.

Farmers currently, enjoy GHS7,600 for a tonne of cocoa bean and GHS475 for every kilo bag of beans, after it was increased by 11 percent last season.

Responding to a question from JOYBUSINESS during a media interaction in Accra, Mr. Boahen Aidoo said farmers are assured of their minimum guaranteed price.

He also added that COCOBOD is carrying out the necessary engagement to ensure that this would not affect production target for next crop season.

Improving consumption of cocoa

The Chief Executive said COCOBOD is targeting the Asian market to help improve consumption of cocoa products.

It is also planning to soon launch a campaign in Ghana to help improve consumption of cocoa locally. This is part of grand plan to add value to the beans produced in the country.

Challenges with Cocoa Processing Company

The COCOBOD boss also disclosed that they would be supplying some beans to Cocoa Processing Company (CPC).

This is part of several strategies the shareholders adopting to help the company which has been going through some challenges this year, while it considers current proposals to de-list the company from the Ghana Stock Exchange.

He also explained that the COCOBOD has also suspended the cocoa road project because challenges its implementation.

Mr. Boahen Aidoo also said “COCOBOD is seeking funding to undertake an extensive rehabilitation of farms, to be complemented by a hand pollination programme to be launched next week.”