Business News of Wednesday, 12 July 2017
The Chairman of the board of the Ghana COCOBOD, Hackman Owusu Agyeman has assured that producer prices of cocoa will be maintained for farmers for the next crop season.
This comes in the wake of falling cocoa prices on the international market.
The CEO of COCOBOD, Joseph Boahen Aidoo, has stated that cocoa farmers must brace themselves for a potential drop in the producer price of cocoa because Ghana stands to lose about 1,000 dollars per tonne of cocoa. Currently, cocoa is being sold at 7,600 Ghana cedis per ton.
Addressing the media however, Mr. Owusu Agyeman said the decision is to ensure farmers do not get affected by the development.
“Prices are falling. So far we have not touched the producer price for the farmers. We are doing everything possible to achieve some economies of scale and make sure that the farmers don’t get shortchanged. So for now, we are keeping the prices as they are. We have assured them that this government is prepared to do that. Nobody is talking about reducing prices. We are going to do everything possible as the farmers are our primary focus” he said.
He spoke at the sidelines of a West Africa Fertilizer and Agribusiness Conference in Accra. Earlier, Mr. Boahen Aidoo argued,
“Now you realize that already about 1,000 dollars has been lost from the international market. But the imperative [thing] is that we are doing forward sales therefore even as the cocoa trees are flowering now we have already sold our cocoa and then again we are currently selling the lack rob beans that is for next year, plus we are selling them at 1,900 cedis which will further be discounted at 20%.”
Mr. Boahen Aidoo said the development will also affect the Ghanaian economy greatly if measures are not put in place to cushion players in the industry.
AFAP is an independent non-profit organization founded by a partnership of African development organization. It provides services to the private and public sectors on sustainable development projects and policies focused on market-driven business solutions in fertilizer and agribusiness for agriculture productivity.