Home > Business News > Ghana Cocobod raises 09/10 cocoa producer price

Ghana Cocobod raises 09/10 cocoa producer price

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Ghana’s cocoa industry regulator has set the price paid to farmers for cocoa beans at 2,208 cedis per tonne for the forthcoming 2009/10 season, up from 1,632 cedis in the 2008/09 season, the government said on Wednesday.

The new season in the world’s second biggest cocoa producer is due to open on Friday.

Cocobod raised its projection for purchases in the new season to a minimum of 700,000 tonnes, up from a previous forecast of 670,000 tonnes, Chief Executive Tony Fofie said on Wednesday. The 2008/09 season ended at 710,638 tonnes, Cocobod said last Friday.

Last week, Ghanaian President John Atta Mills instructed Cocobod to raise prices paid to farmers.

Ghanaian growers actually receive the producer price for their cocoa, in contrast to neighbouring Ivory Coast which sets only a guideline.

The Ghanaian price is set by the producer price review committee, which consists of farmers’ representatives, plus Cocobod and government officials.

“The government has approved a new producer price of cocoa for the 2009/10 season upon the recommendation of the producer price review committee,” Finance Minister Kwabena Duffuor told journalists.

“The new price is 35.29 percent above the previous price.”

Cocoa futures traded in New York at $3,136 per tonne on Wednesday, up 24 percent from the start of the year.

Credit: Reuters

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