President Akufo-Addo and Chancellor Angela Merkel<\/strong><\/p>\nPresident Nana Addo
\nDankwa Akufo-Addo has said his determination to ensure cocoa farmers get value
\nfor money for what they produce is on course.<\/p>\n
\u201cGhana has instituted
\na strategic partnership with President Alassane Ouattara of Cote d\u2019Ivoire to
\ndevelop our cocoa industry,\u201d he said and added that the joint effort would bring
\njoy to the poor farmers who have suffered at the hands of major foreign trading
\npartners who rely on cocoa beans from West Africa.<\/p>\n
President Akufo-Addo
\nwas speaking last Tuesday in Berlin during the 3rd Compact with Africa Summit. <\/p>\n
He was among 12
\nselected Heads of State and government who converged on the capital city of
\nFederal Republic of Germany.<\/p>\n
The compact meeting
\nis held every year at the instance of Chancellor Angela Merkel to ramp up
\ninvestment opportunities for these countries.<\/p>\n
During
\nan elaborate presentation of a \u2018German Business and CwA Countries\u2019 with
\nemphasis on Ghana\u2019s cocoa sector,\u00a0
\nHendrik Reimers, Founder and Chief Executive Officer (CEO) of Fairafric
\nsaid they were bringing a processing factory to Ghana.<\/p>\n
He said the family which
\nowned German chocolate manufacturing company based in Munich is coming with a
\n5m Euro factory to Suhum in the Eastern Region.<\/p>\n
After the presentation,
\nPresident Akufo-Addo took his turn and said \u201cthe facts that are being put out
\nabout the farmers who produce the raw materials, who are the tiny bit of the value
\nchain of the raw material, should be of interest to everyone.\u201d<\/p>\n
He said \u201cso we have
\nnow made a conscious effort and are moving away from the situation where we are
\njust exporters and producers of the raw material to ramping up the value chain
\nin our home countries and this is a spectacular example of what the future
\nholds for our country.\u201d<\/p>\n
Strong
\nPartnership<\/strong><\/p>\nIn September, Ghana
\nand Cote d\u2019Ivoire agreed an initial deal to sell cocoa with a living income
\npremium of $400 a tonne added to the price in a bid to reform the way global
\ncocoa is priced.<\/p>\n
In a move aimed at
\neasing pervasive farmer poverty, the West African neighbours, who together
\nproduce more than 60 per cent of the world\u2019s cocoa, introduced a Living Income
\nDifferential (LID) in July on all cocoa sales for the 2020\/21 season.<\/p>\n
Even French Chocolatier
\nCemoi, according to Reuters, confirmed it had bought cocoa from Cote d\u2019Ivoire
\nand paid the $400 a tonne LID, while trade sources said Sucden, Barry
\nCallebaut, Cargill and Olam had done similar deals.<\/p>\n
Cocoa prices on ICE
\nFutures Europe hit a one-year high of 1,939 pounds ($2,424) in July, in anticipation
\nof the pricing move by the West African producers.<\/p>\n
Chocolate makers and
\ngrinders have publicly expressed support for the LID, though traders have
\nprivately said the plan could lead to surplus production and might eventually
\nprompt them to seek other sources of supply.<\/p>\n
Cote d\u2019Ivoire and
\nGhana have so far sold around 20,000 to 25,000 tonnes with the premium attached
\nand the bulk of an expected 2020\/21 harvest of 2.5 million tonnes is yet to be
\nsold, although it is still early in the marketing campaign.<\/p>\n
The two countries
\nplan to use funds raised from the LID to guarantee farmers get 70 per cent of a
\n$2,600 a tonne (FOB) target price. If global prices rise above $2,900, proceeds
\nfrom the LID will be placed in a stabilization fund that would be used to ensure
\nfarmers get the target price when market prices fall.<\/p>\n
The LID is not the
\nfirst attempt to combat farmer poverty.<\/p>\n
Third-party certification schemes, corporate sustainability programmes, and government-guaranteed minimum prices have aimed to tackle farmer poverty and deforestation, a related scourge which also threatens the sector\u2019s future in West Africa.<\/p>\n
By Nana Kwasi<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"President Akufo-Addo and Chancellor Angela Merkel President Nana Addo Dankwa Akufo-Addo has said his determination to ensure cocoa farmers get value for money for what they produce is on course. \u201cGhana has instituted a strategic partnership with President Alassane Ouattara of Cote d\u2019Ivoire to develop our cocoa industry,\u201d he said and added that the joint […]<\/p>\n","protected":false},"author":1,"featured_media":749031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-749030","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\n
Nana Pushes Ghana Cocoa In Germany - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/11\/21\/nana-pushes-ghana-cocoa-in-germany\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nana Pushes Ghana Cocoa In Germany - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"President Akufo-Addo and Chancellor Angela Merkel President Nana Addo Dankwa Akufo-Addo has said his determination to ensure cocoa farmers get value for money for what they produce is on course. \u201cGhana has instituted a strategic partnership with President Alassane Ouattara of Cote d\u2019Ivoire to develop our cocoa industry,\u201d he said and added that the joint […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/11\/merkel-and-nana.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/21\\\/nana-pushes-ghana-cocoa-in-germany\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/21\\\/nana-pushes-ghana-cocoa-in-germany\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"Nana Pushes Ghana Cocoa In Germany\",\"datePublished\":\"2019-11-21T12:15:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/21\\\/nana-pushes-ghana-cocoa-in-germany\\\/\"},\"wordCount\":619,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/21\\\/nana-pushes-ghana-cocoa-in-germany\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/merkel-and-nana.jpg\",\"articleSection\":[\"Politics\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/21\\\/nana-pushes-ghana-cocoa-in-germany\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/21\\\/nana-pushes-ghana-cocoa-in-germany\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/11\\\/21\\\/nana-pushes-ghana-cocoa-in-germany\\\/\",\"name\":\"Nana Pushes Ghana Cocoa In Germany - 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