President pledges to keep cocoa farmer prices unchanged

October 6, 2017
Source: Reuters
President pledges to keep cocoa farmer prices unchanged

President Nana Afuko-Addo said on Monday that government would ensure producer prices for cocoa remain unchanged for the upcoming 2017/18 season starting this month, keeping levels above those in neighbouring Ivory Coast.

“The price review for the coming season will not leave cocoa farmers short-changed,” he said at a cocoa conference in Kumasi. “Government will make sure that the producer prices remain unchanged.”

The world’s number-two cocoa producer has kept the price at which it buys beans from farmers at US$1,914 per tonne since a year ago, creating a large price gap with its neighbour Ivory Coast, which holds the number-one spot.

At the weekend, Ivory Coast set the farmer price at the same level of last season’s mid-crop but below growers’ expectations, raising concerns about cross-border smuggling. Ghana’s 2017/18 cocoa season opens on Oct. 13 and Ivory Coast’s opened on Oct. 1.