The Ghana COCOBOD is urging cocoa farmers to brace themselves for a potential drop in the producer price of cocoa.
This follows what COCOBOD describes as difficult times due to the significant drop in prices on the international market.
According to the CEO of COCOBOD, Joseph Boahen Aidoo, Ghana stands to lose about 1,000 dollars per ton of cocoa as a result.
Currently, cocoa is being sold at 7,600 Ghana cedis per ton which is equivalent to $1,914.
“Now you realize that already about 1,000 dollars has been lost from the international market. But the imperative[thing] is that we are doing forward sales therefore even as the cocoa trees are flowering now we have already sold our cocoa and then again we are currently selling the lack rob beans that is for next year, plus we are selling them at 1,900 cedis which will further be discounted at 20%.” , Boahen Aidoo narrated.
Mr. Boahen Aidoo said the development will also affect the Ghanaian economy greatly if measures are not put in place to cushion players in the industry.
“So it means that next year we are going to enter a very difficult year for the cocoa industry and also for the Ghanaian economy. We will have to sell our cocoa at a lower price but then we will have to decide whether to reduce the producer price or let it stay there or increase the price.” He suggested.
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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.
