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“Nananom, effective October 1, 2020, I am pleased to announce the award of a new cocoa producer price of ¢ 10,560 GH per metric ton, equivalent to GH ¢ 660 per bag for the next 2020/21 crop season.
“This represents an increase of more than 28% over the price obtained in the outgoing crop year of 2019/2020.”
These were the words of President Nana Addo Dankwa Akufo-Addo, on Thursday, September 24, 2020, on day 1 of her 3-day tour of the North West Region, when she launched the Cacao Rehabilitation Program, in Sefwi Wiawso .
The current 2019/20 producer price of GH ¢ 8,240 per metric ton, that is, GH ¢ 514 per bag, was an increase of 8.2% over the 2018/2019 price of GH ¢ 7,615, that is, GH ¢ 475 per bag.
“With this new producer price, we have kept faith in our commitment, under the international agreement with Côte d’Ivoire and global stakeholders, by awarding our farmers four hundred US dollars per metric ton (US $ 400 / MT) . Income Differential (LID), ”he said.
The President continued: “With this substantial increase in producer price, we are also delivering on our promise in the 2016 manifesto to generously reward the hard work of our cocoa farmers and their unparalleled contribution to the Ghanaian economy throughout the years”.
Life income differential
Referring to the volatile nature of cocoa prices in the world cocoa market, President Akufo-Addo stated that “it remains one of the greatest challenges in ensuring that decent farm prices are paid to our cocoa producers.”
With Ghana and Côte d’Ivoire responsible for 65% of the raw cocoa beans used in making chocolates, the president lamented the fact that the two countries’ cocoa producers only $ 6 billion from a chocolate industry of more of $ 100 billion.
This, he explained, is the poor return that hardworking farmers get from their work.
“The government believes that adding value to our cocoa and finding new markets will make us earn more money than all the aid provided by all donor countries. We will earn some dignity and spare donors the fatigue we have all heard about, ”he added.
This, according to President Akufo-Addo, is the foundation of the Strategic Partnership between the Ivory Coast and Ghana, the joint initiative of His Excellency President Alassane Ouattara of the Ivory Coast and himself, which manifests itself in a joint cocoa production . and marketing policy, and that is already paying off.
“Today, I am pleased to announce that Ghana and Côte d’Ivoire are receiving a Digital Income Differential (LID) of four hundred US dollars (400 US dollars) per ton of cocoa, which is an additional gain from the world market price for our farmers. The Living Income Differential will guarantee some stability in the price of cocoa production and the sustainability of the industry in Ghana and Ivory Coast, ”said the president.
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