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Business News of Sunday, 12 April 2020

Source: www.ghanaweb.com

Coronavirus: No price drop projected for cocoa farmers – COCOBOD

The regulator for Ghana’s cocoa industry, COCOBOD says it does not foresee a drop in the producer price of beans for cocoa farmers in the wake of the novel Coronavirus pandemic.

Meanwhile, for 2019, COCOBOD increased the producer price of the beans from GH¢7,640 to GH¢8,240 per tonne.

But the Chief Executive for COCOBOD, Joseph Boahen Aidoo, has said it may be premature to propose a drop in prices for cocoa farmers just yet.

“This is a force majeure, and it is one of the factors for every economy. If there is a natural disruption, of course, it can affect some of the planning. But then the decision of the farmer’s price is not a decision of Ghana Cocoa Board or any individual. It always lies in the bosom of the producer price review committee,” Boahen Aidoo told the media.

According to him, his outfit may have to wait until the Producer Price Review Committee meets to decide on the price, adding, COCOBOD will still go ahead with processes needed to sign this year’s syndicated loan scheduled for August.

The regulator, COCOBOD usually commences the syndicated loan processes by February every year but has had to put the process on hold due to the Coronavirus pandemic.

Globally, most trading commodities have witnessed a major slump in their share and producer prices due to the disruption caused by the Coronavirus.

Experts have predicted the ripple effect of the pandemic may impact the price given to cocoa farmers.

Ghana, however, is the second leading producer of cocoa in the world after Ivory Coast.

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