COCOBOD not considering reduction in cocoa prices

CEO of COCOBOD, Joseph Boahen Aidoo

The Ghana Cocoa Board (COCOBOD) has refuted claims of a possible decrease in producer price of cocoa to farmers.

COCOBOD says although the review committee has met, it is yet to come out with a decision.

Government last year [2017], maintained the producer price for the 2017/2018 crop season at 7,600 cedis per metric tonne.

This translates into 475 cedis per bag of 64 kilograms.

The Finance Minister, Ken Ofori Atta has indicated that government is considering reviewing the producer price of cocoa downwards, following a considerable drop in the commodity’s price on the international market since November 2017.

But Manager at the office of the Chief Executive of COCOBOD, Fiifi Boafo in an interview with Citi Business News said the matter is not being considered at the moment.

“The Cocoa producer price review committee has met, a decision has been taken but until they come out to revise their decision, that is not a matter on the table for consideration now”.

Meanwhile, the General Agricultural Workers Union (GAWU) has also cautioned government against taking a unilateral decision on the producer price of cocoa.

GAWU says government must follow due process if it wants to review the producer price of cocoa downwards.

The Union further allayed fears that such a move will have dire implications for the cocoa sector while distorting economic plans for the year.

Ghana, however, is said to be losing at least 1 billion dollars every year as a result of the declining prices of cocoa on the international market.