Joseph Boahen Aidoo, the Chief Executive Officer of the Ghana Cocoa Board, has disclosed that government of Ghana decided to maintain the Producer Price of Cocoa to stop a fall in the production of cocoa beans for the 2017/2018 crop season.
Some observers have questioned why government maintained cocoa price at GH¢7,600 when the price of the commodity has fallen by about 30 % on the world market.
Mr. Boahen Aidoo explained while responding to a question on the issue that COCOBOD is cutting down on its operational cost to cushion government of Ghanafrom the impact of the drop in the world price.
He said, the decision was in the right way to encourage cocoa farmers to maintain their production capacity. Any action to drop the price would be affected cocoa production for the season. We are cutting down on our operational cost in view of this.
Mr. Boahen Adu said that the Nana Addo government of Ghana has done well in maintaining the price to improve the welfare of cocoa farmers.
He said, it is informative to tell that, all cocoa producing countries have reduced the producer price to reflect world market trend. In keeping faith with the Ghanaian cocoa farmer to sustain their livelihoods, the NPP government maintained the produce price which is 83 % of the gross FOB leaving 17 percent for operations.
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