Despite the falling world prices of cocoa, government has maintained the producer price at GHC3, 392 per tonne, representing 79.17 per cent of the net Free on Board Price.

The price, which translates into 212 per bag of 64 kilogram, takes effect from the beginning of the 2013/14 season on October 18, 2013.

"Given the continued fall in the price of cocoa beans on the world market, government has sacrificed about 62 per cent of its share of the FOB, to make it possible to maintain the producer price paid to the farmer," Mr Ato Forson, Deputy Minister of Finance, told a media conference on Friday.

Mr Forson said the ability to maintain the price at current levels was a demonstration of government's commitment to the non-oil sector, especially Agriculture, and for that matter, Cocoa, which has been the backbone of the country's economy.

The Deputy Mninster said the current price was higher and more competitive than the farm gate price of GHC43,224 being paid to farmers in La Côte d'Ivoire.

Meanwhile, the Producer Price Review Committee had also approved rates and fees, including the buyer's margin, haulers’ rate for all stakeholders in the industry.

"It is worth noting that apart from the Producer price and Buyers margin which were maintained, all other stakeholders saw a little over two per cent decrease in the margins and rates paid to them," Mr Forson said.

Government, he said, would continue to support cocoa farmers through the pests and diseases control programme, and Hi-Tech, while undertaking the re-planting and rehabilitation of cocoa and coffee farms, in addition to providing drought tolerant planting materials.

This year, government will supply 20 million cocoa seedlings free-of-charge to farmers.

The country produced 835,410 tonnes of cocoa during the 2012/13 season and forecast a total production of 830,000 for the 2013/14 season.