The head of public affairs for the COCOBOD, Mr Fiifi Boafo has stated that, the cocoa produce buying price for cocoa as of 8th October, 2021, continues to remain the same after a deliberate discussion was held.
According to Mr Boafo, the Agric Minister who as well happens to be the Board Chairman for the Producer Pricing Unit Committee held a meeting with members of the committee and came to a consensus that last year’s cocoa pricing unit shall be maintained in this year’s procession.
He asserted that, the decision was made on the basis of the insurgence of the covid-19 pandemic which affected the cocoa products manufacturing companies and industrial sector who erected a shutdown in operational deficiencies, which subsequently, caused the abrupt buying and consumption of cocoa and its products, hence, affecting the world markets negatively.
He argued that, with the commitment by the central government to ensure the general welfare of all Ghanaian farmers, despite the challenges that erupted in association with the covid-19 pandemic, the government decided not to reduce the produce buying price of the cocoa.
He noted that, a bag of cocoa is still stagnant and selling at Gh650 cedis. Mr Boafo, defending the lifeline or living income differential that was initially introduced by the Ivorian government and Ghana’s COCOBOD, noted that, the living income differential is still in force, propagating that, the country’s measures are outlined to disburse all the $400 to farmers.
According to him, Ghana’s country cocoa price is managed through the world market price, which subsequently propels for the deduction of industry cost after which board do analysis of the total remaining revenue and disburse the percentage due for the farmers. Noted that, the $400 dollars set aside is part of the price determination for the farmers.
“Ghana’s price determination go through the world market price, after that we do proper scrutiny and determine the price value of the cocoa proceeds of the farmers after having deducted the industry cost. Meanwhile, as I stated earlier, with the $400 dollars accumulation, we do analysis of it and add them to the price determination for the farmers” he noted.
Mr Boafo noted that the leaders of the farmers association were part of the committee whose mandate was to determine the price value of the cocoa and so these farmers were elated after having being part of the decisive body.
Maintaining the COCOBOD’s target for the year 2021, Mr Boafo revealed that, the COCOBOD is keen on buying nine hundred fifty thousand (950,000) metric tonnes of cocoa.