Saturday, October 23, 2021

    Ghana set to follow Ivory Coast with farm gate cocoa price rise -sources

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    ABIDJAN (Reuters/Naija247news) – Ghana plans to increase the guaranteed farm gate cocoa price paid to farmers by at least 21% to 10,000 cedi ($1,745) per tonne for the next cocoa season starting on Oct. 1, two sources told Reuters on Monday.

    The increase is in line with a similar increase in neighbouring top grower Ivory Coast as the two major cocoa producers, who account for over 60% of global cocoa bean production, seek to boost farmers’ income.

    In June 2019 Ivory Coast and Ghana established a price floor of $2,600 per tonne and a Living Income Differential (LID) of $400 per tonne, to tackle poverty among farmers.

    “Farmers will get at least 10,000 Cedi for a tonne. This has been as a result of the implementation of the LID,” said a source at Ghana’s cocoa sector regulator, the COCOBOD.

    Emmanuel Adem Opoku, COCOBOD’s deputy chief executive in charge of operations told Reuters that no decision has been made yet on the increase of the farm gate prices. He added that the official announcement will be made on Oct. 1.

    Sources told Reuters on Sept. 10 that Ivory Coast plans to increase the fixed farm gate price paid by more than 21% to 1,000 CFA Francs ($1.84) per kilogram in the 2020/2021 season.

    Both countries are seeking to have a greater influence on global cocoa prices, and income for their farmers. They are expected to jointly set the new prices on Oct. 1, the start of the 2020/2021 season.

    ($1 = 5.7300 Ghanaian cedi)

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