The Ghana Cocoa Coffee and Sheanut Farmers Association has expressed gratitude to government for setting the floor price for cocoa at $2,600 per metric tonne.
The move between Ghana and Côte d’Ivoire, according to them will enable them invest more into their farms.
Farmers in the two countries produce more than 60 percent of the world’s cocoa output, but have been hit hard by the collapse in cocoa prices in 2017.
Representatives from across the industry met in Ghana to discuss the common floor price for cocoa beans produced in Ghana and Ivory Coast that would protect farmers’ livelihoods.
Traders, manufacturers and processors agreed to the proposed floor price of $2,600 per tonne, but requested a technical meeting on July 3 to address details of its implementation.
The Association believed that the new price was a relief to boost production in the cocoa sector and as well increase the incomes of cocoa farmers in the country.
Alhaji Imoro Issifu Alhassan, the spokesperson for the Association at a press briefing in Accra, commended President Akufo-Addo for the initiative, saying, ‘the decision is in the best interest of the farmers’.
He also appealed to the President to redeem his pledge of ensuring that the Association get the supply of mosquito nets, solar torch lights and solar lamps for the use of farmers as incentives to increased production.
Also, President of the Association, Alhaji Alhassan Bukari said the gesture won’t only boost production but also increase employment in the sector.
“We were very happy when we heard the news because it means we will employ more of the youth to work on our farms” he added.
Alhaji Bukari called for pragmatic steps aimed at reversing the increased smuggling of cocoa from the country.
Have your say
More Business Headlines
- Ghana finds no cocoa buyers in first offer since $400 premium
- Ghana, Cote d'Ivoire resume sale of cocoa beans
- UBA unveils marketing platform for entrepreneurs
- BoG keeps policy rate at 16%
- Electric car models to triple in Europe by 2021
- Boeing to take $4.9bn hit in second quarter on 737 Max grounding
- Ghana's debt now GHS200 billion
- Gov’t urged to formulate new tax compliance rules for increased revenue
- Vodafone talks private sector relevance in SDGs at UN Forum
- Nelson Mandela Day: Barclays, ALU scholars pay courtesy call on SA High Commissioner
- Insurance industry could wield more money than banks – Rev Okosun
- Engage NIC to avoid casualties - CIIG
- Kingdom Exim Ghana, CEO awarded at Ghana Shippers Award 2019
- Enforce laws barring foreigners from retail trade - Majority Leader to agencies
- GTBank, Ria partner Zeepay to launch Ria2Mobile money transfer service