GHANA – The government through the Producer Price Review Committee (PPRC) has decided to maintain the producer price of cocoa at GH¢7,600 per tonne for the 2017/ 2018 growing season.
This is equivalent to GH¢ 475 per bag of 64Kg gross weight, the same price as paid to farmers in the 2016/2017 season.
This was announced by the Minister of Food and Agriculture, Dr Owusu Afriyie Akoto at a press conference in Accra Friday.
The international market has witnessed a dramatic decline to a ten-year low from more than US$ 300,000 per tonne only 10 months ago to as low as US$ 1,900 in recent months.
The situation has compelled other countries to reduce drastically their producer prices of cocoa.
But despite the government losing over GH¢1.1 billion this year due to the declining international price, it has still decided to maintain the producer price in order to eliminate the harsh effects of the drastic decline in international price on the earnings of the farmers.