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AGRICULTURE

Government increases producer price of cocoa

The government of Ghana has increased a tonne of cocoa to GHC 8, 240

Date Created : 10/2/2019 5:14:45 AM : Story Author : Stan Amuzu Kpodo/Ghanadistricts.com

This means that the producer price of cocoa has now been increased from GHC 475.00 to GHC 515.00 per 64kg bag representing 8.42% of the producer price and 72.7% of the FOB price.

The Minister of State in-charge of Agriculture who made the announcement at this year's Cocoa Day celebration in Sunyani said government took a lot of variable factors into consideration to determine the price in order not to worsen the plight of cocoa farmers and render their selfless efforts and hardwork in vain, despite the current economic challenges in the Cocoa industry as a result of international influence.

According to Dr Nura Gyeile, even though the producer price of cocoa on the world market kept changing in reduction, government has decided to increase the price to continually motivate farmers to give off their best with a pledge to increase farmer access to extension services, rehabilitate diseased farms and increase fertilizer supply.

He also assured them of risk mitigation against drastic falls in prices of cocoa with annual contributions from the FOB of the Stabilisation Fund.

The Cocoa farmers and farmer groups, in an interview, indicated that the move by government to increase the producer price has allayed their fears and given them hope that the cocoa sector is picking up and remains a robust industry for investment.

The Cocoa farmers could not hide their joy as they were aware of the international forces on the world market despite government's efforts to better their lives.

Dr Nura Gyeile appealed to the youth to take advantage of the various interventions being implemented by COCOBOD and consider cocoa farming as a business since it has become lucrative with modern farming technologies.