Cocoa farmers in Ghana, Cote D’Ivoire to be paid over $1,700 per tonne from 2021

Must Read

Government to pay workers’ wages and salaries on January 22, 2020

Civil, public servants and workers under the Ghana Education Service should expect to be paid their salaries on January...

Video: The 40-year story of Ghanaians in Calgary, Canada

This pulsating story echoes the universal disorienting experience of immigrants everywhere. It looks at the past, present and future...

NSMQ2019: The St Peter’s boys who said it is finished, have been finished

It is finished, it is finished; champions of the NSMQ 2019, Augustine’s College chanted. They were using the defending champion’s pre-battle...
ABC News Ghana is an investigative media house that focuses on politics, sports and the economy. Our work is thoroughly researched, balanced and fair. Our vision is to become the most preferred indigenous news brand for men in West Africa.

Cocoa farmers in Ghana and neighbouring Cote D’Ivore are expected to realise an increment of US$400 per every tonne of cocoa produced from 2021, ABC News can report.

This implies that the cocoa farmers, who are  currently paid $1,375 per tonne will generate more than $1,700 per tonne from 2021 when the increment takes effect.

This is part of a joint cocoa production and marketing policy agreed on by the two countries, aimed at rewarding Cocoa farmers for their toil and also generate foreign income for the two countries.

Addressing a United Nations Development Programme (UNDP) Conference on Africa’s development in Accra Thursday, President Akufo-Addo expressed concern that the farmers from the two countries who together produce about 65% of the World’s Cocoa are not getting value for their hard work.

 He added that the determination of the new price formed part of efforts to reform the system within which cocoa is priced at the global level.

“We make just $6 billion from an over $100 billion chocolate industry. This is the meagre return that our hardworking farmers get from their toil…This is the rationale for the strategic partnership between Cote D’Ivoire and Ghana in our joint cocoa production and marketing policy which is already paying dividends.

A Living Income Deferential (LID) of US$400 per tonne will be paid to farmers for all categories of cocoa beans from Ghana and Cote D’Ivoire starting from the 2021 cocoa crop season when our two countries begin to apply a new price mechanism for the sale of cocoa at $2,600 dollars per tonne” he stated. 

Addressing the Conference, which was under the theme: “Africa’s Money For African Development: A Future Beyond Aid,” President Akufo-Addo indicated that Ivory Coast and Ghana have agreed initial deals to sell cocoa with a living income premium of $400 a tonne added to the price, in a bid to reform the global price for cocoa.

He added that “this policy has found support even from major chocolate producers like Mars who recognize the need to make the industry sustainable”

The producer price of cocoa in Ghana was recently increased by 8.42 per cent, moving the price of a 62.5-kilogramme bag of the commodity from GH¢475 to GH¢515 for the 2019/2020 cocoa season.

The adjustment saw the price of cocoa increased by GH¢40 per bag and GH¢640 per tonne, which indicates the Ghanaian cocoa farmer now receives 72.27 per cent of the Free on Board (FOB) price.

As parts of efforts to maximise the gains in the cocoa sector, government, within the week, announced that it has secured a $600 million stimulus package from the African Development Bank (AfDB) to revamp the cocoa sub-sector over the next seven years, starting next year.

The package is aimed at increasing cocoa production by introducing modern techniques and technology and shift away from the annual syndication of loans as capital investment.


Submit your stories or articles to or Whatsapp them to +233 553620623

- Advertisement -


Latest News

Zenith Bank records another 1st in Digital Banking with the introduction of the GH Dual Card in partnership with GhIPSS

Zenith Bank (Ghana) Limited has become the first in Ghana to roll out the Eazypay GH Dual Card, combining...

Special focus needed at Ridge Hospital; management becoming unbecoming – Anas

Investigative journalist, Anas Aremeyaw Anas has indicated that special attention needs to be given to the management of the Greater Accra Regional Hospital because...

GJA demands swift action against Soldier for assualting TV3’s Journalist

The Ghana Journalists Association has called for an immediate investigation and prosecution of soldier suspected to have brutalized a TV3 journalist. Yesterday, a TV3 cameraman,...

46 foreign owned shops closed down at Circle after traders failed to regularize documents

Forty six foreign-owned shops have been closed down at Circle in Accra after traders failed to regularize documents, which allows them to continue trading...

Banking industry losses over GHC 33 million due to fraud in 2019

Fraud activities in Ghana's banking industry increased in 2019 compared to 2018, a report from the Bank of Ghana on fraud has revealed. The data...

More Articles Like This

%d bloggers like this: