In April this year, COCOBOD maintained the producer price of cocoa despite suggestions by the IMF to review it downwards.
The IMF wanted COCOBOD to review the producer price of cocoa downwards to reflect changes in international cocoa prices.
Before the commencement of a cocoa season, mostly in October every year, COCOBOD normally announces a farmgate price – the producer price – that it will pay to farmers for their beans in the crop season.
That price was last increased by 11.76 per cent in October 2016 to cover the 2016/2017 season. Since then, it has remained unchanged at GH¢7,600 per tonne, translating into GH¢475 per bag of 64 kilogrammes (kg) gross weight.
Within the same period, however, the price of cocoa on the international market suffered a tumultuous fall, dropping from an average of US$2,500 per tonne in November 2016 before ending that year at US$2,287 per tonne, according to the International Cocoa Organisation (ICCO).
The price of cocoa remained bearish throughout 2017, rising only in October before falling again to end December at US$1,917.68 per tonne, according to the world cocoa body.
In 2018, ICCO’s data showed that prices strengthened consistently to peak at US$2,659.9 per tonne in May before fluctuating throughout the remaining part of the year.
The Bloomberg Terminal, which also tracks global prices of the crop, quoted it at US$2,245 per tonne on the morning of April 25.
Latest Stories
-
Manasseh’s praise and criticism of Akufo-Addo’s action on the SML scandal
5 mins -
KPMG’s report confirms we haven’t been paid $100m – SML
9 mins -
John Mahama’s speech at the unveiling of Prof. Naana Jane Opoku-Agyemang as his running-mate
23 mins -
Asiedu Nketia’s full speech at official unveiling of Prof. Naana Jane Opoku-Agyemang as running-mate
30 mins -
We are committed to helping build a better Ghana – SML
37 mins -
‘They don’t even pick up my calls’ – African Games gold medalist laments unpaid bonuses
43 mins -
Fifi Kwetey’s full speech at official unveiling of Prof. Naana Jane Opoku-Agyemang as running-mate
50 mins -
About 282 million people face acute food insecurity in 2023 – GRFC
1 hour -
Ghana’s Antoine Semenyo fires Bournemouth to victory against Wolves
2 hours -
Everton 2-0 Liverpool: Everton apply final blow to Liverpool title challenge
2 hours -
Akufo-Addo nominates Felicia Attipoe as Tema West MCE
2 hours -
Today’s front pages: Thursday, April 25, 2024
2 hours -
We’ll not engage in opaque and obscure deals when elected – Prof Opoku-Agyemang
3 hours -
Energy and Finance Ministries must provide funding to fix energy challenges – IES
3 hours -
Reintroduce Fiscal Responsibility Act to tackle election budget overrun – Osafo Marfo
3 hours