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

Must Read

Joy News’ Latif Iddrisu faces stigmatization from colleagues, friends after contact with suspected COVID-19 patient

A Broadcast Journalist with the Multimedia Group, Latif Iddrisu has had his fair share of stigmatization after coming into...

It’s not easy working for the ignorant and ungrateful – Prof. Frimpong Boateng

Minister for Environment, Science, Technology, and Innovation, Prof. Kwabena Frimpong Boateng has described as difficult, the challenges government officials...

Odeneho Kwafo Akoto III is a ‘self-styled’ Akwamumanhene – Kumasi High Court rules

The Yaa Ansaa Royal Family of Akwamu in the Asuogyaman District of the Eastern Region has appealed to the...

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

2020 elections will be fought on records – Dr. Bawumia

Vice President Alhaji Dr. Mahamudu Bawumia has revealed that the President Akufo-Addo led government has resolved to contest the...

COVID-19 update: 125 new cases recorded, case count now 6,808

Ghana has recorded an additional 125 cases of the coronavirus infections sending the total case count to 6,808, up from the 6,683 figure some...

President Akufo-Addo, 2 other Ghanaians named in top 50 “change makers” in Africa list

President Nana Addo Dankwa Akufo-Addo has been named in the list of top 50 "Disruptors" in Africa. The list compromises people who are deemed to...

Ghana’s COVID-19 intervention for health workers gets global recognition as US government is urged to emulate approach

Ghana’s COVID-19 responses have received recognition from world leaders across the world, with many urging both developed and developing countries to emulate the country’s...

Expect spike in COVID-19 deaths among older population if restrictions are lifted – Former Ridge hospital Medical Director

Dr Thomas Anaaba of the African Center for Health Research and Policy has cautioned government against wholly easing the restrictions imposed to check the...

More Articles Like This

%d bloggers like this: