The Producer Price Review Committee on Cocoa has increased the producer price of cocoa by 21.74 percent from GH¢5,520 to GH¢6,720 per tonne for the 2015/2016 cocoa season.
This represents an increase in price of GH¢1,200 per tonne, translating into GH¢420 per bag of 64kg gross weight.
The new price took effect from Friday, October 2, 2015.
The Committee also approved other rates and fees for all stakeholders in the industry, including the buyers' margin, haulers' rate, warehousing and internal marketing costs, as well as fees for disinfestation, grading and sealing.
It said the margins, rates and charges have been increased in order to ensure that other key stakeholders operate at profitable levels to sustain the cocoa industry.
Government, in consultation with stakeholders, has also set up a stabilization fund with annual contribution from the FOB price (Freight on Board) as a risk mitigating mechanism against decline in the international cocoa prices.
The primary objective of the fund is to sustain the earnings of cocoa farmers in challenging times as witnessed in the 2013/14 season.
Cassiel Ato Forson, Deputy Minister of Finance, said COCOBOD and government have decided to pay bonuses to farmers.
Accordingly, he said an additional GH¢5 per bag of 64kg gross weight had been approved.
'Therefore for each bag of cocoa sold by the farmer, the farmer shall be paid GH¢420 per bag plus GH¢5 as bonus,' Ato Forson said.
He reiterated government’s commitment to support COCOBOD to play its significant role in promoting their welfare and economic development of Ghana as a whole.
Mr Ato Forson said government would continue to support other interventions including the free pests and diseases control (mass spraying) programme, free fertilizer distribution programme to help farmers to increase their productivity.
He said government would also continue to support COCOBOD in its drive to attract the youth into cocoa farming through its Youth in Cocoa Programme.
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By Cephas Larbi
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