Ghana’s President, Akufo-Addo to announce new cocoa price on Oct 1, 2019

The board maintained that cocoa farmers will be given priority in setting the new price for the commodity for the 2019/2020 crop season.

The Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo made the revelation while speaking to journalists after launching the 2019 Cocoa Day.

According to him, a committee has been formed to determine the price of cocoa after which President Akufo-Addo will announce it on October 1.

“I have always told our farmers to expect rainy days in the future,” he said, adding that farmers will get a surprise price that will improve their wellbeing.

Ghana and Ivory Coast, the two major producers of cocoa beans have managed to set a floor price for cocoa from which 400 dollars will go to farmers for every ton produced.

The two countries set the price at 2,600 dollars per ton. The move is expected to impact the lives of cocoa farmers by improving their earnings from the commodity.

Speaking on the collaboration, Mr Boahen Aidoo disclosed that Ghana is harmonizing standards with Ivory Coast to achieve the same results.

He said that a lot of engagements have gone on with the Ivorian counterparts to ensure that the desired result is achieved.

The move, he said, will help the two countries in achieving the living income differentials which are key to improving the livelihood of cocoa farmers.