Ghana maintains producer price of cocoa at $95 despite slump in global prices

Ghana’s cocoa regulator, Cocoa Board (COCOBOD) has announced that the Producer Price of cocoa for the 2018/2019 cocoa season will remain at GHC475 ($95.4) per 65kg bag despite the drastic fall in the commodity’s price on the international market.

Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo disclosed this at the 2018 Cocoa Day grand durbar on Monday, October 1, 2018.

“The fall in cocoa price at the world market by 40% is now a public threat and must be of concern to every well-meaning Ghanaian. The FOB price of cocoa was GHC 728.38 per bag in 2016/2017 whiles the producer price at that time was GHC 475 per bag. Even though the FOB (World Market) price dropped GHC 527 per bag in 2017/2018, the Akufo-Addo government decided to maintain the same producer price of GHC 475 per bag,” he explained.

The COCOBOD CEO argued that the decision was the only laudable alternative since Ghana is the only country, out of the 22 cocoa producing countries, to have maintained its producer price despite the decline in the FOB price.