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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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COCOBOD likely to announce 21% increase in farmgate price

byBobbie Osei
September 14, 2020
in Agriculture, Local Economy, Top Stories
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The Ghana Cocoa Board is expected to announce a 21 percent increase in the farmgate price for the upcoming 2020/2021 crop season.

Farmgate price is the price COCOBOD pays to farmers for their beans.

If the price increase takes effect, Cocoa farmers will then be receiving GHS625 or $108 dollars per 64-kilogram bag, or GHS10,000 per ton, for the harvest season that begins on October 1, 2020, and continues through September 2021.

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Farmgate prices were last increased by 8 percent in the 2019/2020 crop season leading to a bag of cocoa being sold at GHS515 and GHS8,240 per ton.

The new increase has been influenced by a 2019 agreement by Ghana and Ivory Coast to have a fixed “living income differential” of $400 a tonne on all cocoa contracts sold by either country for the 2020/21 season.”

Even though he will not admit to the 21 percent increase, the Communications Manager at COCOBOD, Fiifi Boafo in an interview with Citi Business News said farmers can expect an improved farmgate price with the application of the living income differential charge.

“I can admit that the living income deferential, which will start the next cocoa season definitely will make a huge positive impact on the income of cocoa farmers and farmers have every reason to be expectant.”

Funds raised by the living income differential (LID) will be used to help increase payments to farmers, with the aim being for them to get 70% of a $2,600 a tonne (FOB) target price.

If market prices rise above $2,900, proceeds from the LID will be placed in a stabilisation fund that would aim to ensure the governments can pay farmers 70% of the $2,600 target price when market prices fall.

As of September 11, a ton of cocoa was going for $ 2410.94.

Fiifi Boafo also bemoaned the ongoing phenomena of hoarding of Cocoa beans by some farmers who want to sell their produce at the new price expected to take effect from October 1, 2020.

“It’s a bit of a worry to us as COCOBOD and to us as a country where we have farmers knowing very well that with the coming in of the living income deferential, definitely, the new price will be something positive, so they are hoarding the cocoa, and they’re not releasing the cocoa. We have targets to meet, we have cocoa to sell to our partners, the trade houses as well as processors. And the truth is, as far back as April this year, we rarely have cocoa coming in or our staff taking over cocoa that has been bought by the license buying companies or even delivered by the cocoa farmers.  So it’s really a challenge to us and then our expectation is that when the new price is announced, all persons who are keeping the cocoa will release them such that we’ll be able to also sell to our partners.”

The farm gate price increase for Ghana’s estimated 800,000 cocoa farmers, according to Bloomberg, is expected to boost President Nana Akufo-Addo’s chances of re-election in December’s election.

 

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