The Ghana Cocoa Board (COCOBOD) has assured cocoa farmers that the new producer price, to be announced in August, will be higher than that of Côte d’Ivoire.
This comes amid rising global cocoa prices and calls for better farmgate earnings. Despite current financial and operational challenges, COCOBOD says it is committed to securing improved returns for Ghanaian farmers.
Ghana’s current cocoa price stands at GH₵3,100 per 64kg bag. Côte d’Ivoire recently set its mid-crop price at 2,200 CFA francs ($3.62) per kilogram.
Speaking to Citi Business News, COCOBOD’s Head of Public Affairs, Jerome Sam, said farmers should expect a favorable price adjustment.
“By the time we are done with servicing 333,767 metric tonnes [of cocoa], COCOBOD and the Ghanaian farmer will lose a whooping amount of about $1.4 billion as a result of the inefficiency and inability on the part of the previous administration of COCOBOD to deliver those contract. As at that time, we didn’t know. But notwithstanding, the CEO said that is not a justification to tell the Ghanaian farmer that because of “A,B,C,D” we are not going to announce a new price. No, because if you want productivity to spur or shoot up then you need to find a way to motivate the farmer.
“If we are to stick to the price of Côte d’Ivoire being the benchmark…which ever price Côte d’Ivoire gives, we are going to give more than that. The board is yet to be inaugurated. When the Board comes, some of these issues will be tabled before the Board but at least we have some sense or clue as to where to peg the price and we are not going to do less than what Côte d’Ivoire is doing,” he stated
