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Gov’t announces 62.74% increment in cocoa producer price

Government has announced a 62.74 per cent increment in the producer price of cocoa for the 2014/2015 season which opens on Friday, October 3, 2014.
The decision was reached Thursday, October 2, 2014 following a meeting by the Producer Price Review Committee (PPRC) on cocoa chaired by Finance Minister, Seth Terkper.
Thus the producer price of cocoa has now moved from GH¢3,392.00 per tonne to GH¢5,520.00 per tonne for the 2014/15 cocoa season.
This amount represents an increase in price of GH¢2,128.00 per tonne or 62.74% compared to the previous season.
This figure translates into GH¢345 per bag of 64 kg gross which represents about 75 percent of the net free-on-board (FOB) price of cocoa.
COCOBOD and Government have decided to pay bonus to farmers at the time of sale of their produce. Accordingly, an additional amount of GH¢5.00 per bag of 64kg gross weight has been approved.
“Therefore, for each bag of 64kg gross weight of cocoa sold by the farmer, the farmer shall be paid GH¢345.00 per bag plus GH¢5.00 as bonus,” the Finance Minister indicated in a release.
The release advised License Buying Companies (LBCs) to ensure that farmers are paid at the time of the sale of their produce GH¢350 per bag of 64Kg gross weight.

Credit: myjoyonline.com

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