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03.11.2019 Business & Finance

Gov’t To Push $600m Into Cocoa Sector

By News Desk
Gov’t To Push $600m Into Cocoa Sector

An amount of US$600 million is expected to be injected into the cocoa sector.

According to the Minister of Information, Kojo Oppong Nkrumah, the amount is to among other things help push Ghana's cocoa production to 1.5 million tones by 2027.

“The Akufo-Addo administration acting through COCOBOD will inject a 600 million USD stimulus package into the cocoa sector through a Cocoa Productivity Enhancement Program which will among other things step up Ghana's production to 1.5 million tones by 2027.”

He said the stimulus will target rehabilitation of plantations, improvement in storage and domestic processing, stimulation of local consumption as well as efforts to increase output on farms among others within a 7-year period.

“The [Akufo-Addo] Administration believes that Cocoa, being a major pillar of our economy cannot be allowed to survive at its own pace. Cocoa farmers who have been the backbone of the Ghanaian economy already have good news for 2020 in cocoa price structure but now get an additional dose through this stimulus package.”

The Minister disclosed this when he addressed the press on Sunday briefing them on some decisions taken at Cabinet’s Retreat which has been in session at the Peduase lodge since last Thursday.

The meetings chaired by President Nana Akufo-Addo, according to Oppong Nkrumah, focused on examining the results of the governments efforts at correcting the economic challenges inherited at the start of the administration's work.

“It has also been focused on laying down some red lines in the preparation of the 2020 budget.”

“The President and Cabinet are upbeat about ending the year on a high fiscal and economic performance and delivering a budget for 2020 which will help consolidate the gains made so far for our continued growth and prosperity agenda. Mr President is currently heading to the Volta Region to start from tomorrow to Tuesday night, his 2-day tour of the Volta Region,” he added.