News & Events
22 January 2010
Producer Price of Cocoa increased
The Government of Ghana has approved the upward revision of the Producer Price of Cocoa for the 2009/2010 season upon the recommendation of the Producer Price Review Committee (PPRC) which met under the Chairmanship of Dr. Kwabena Duffuor, Minister of Finance and Economic Planning.
You may recall that at the last PPRC meeting in October, 2009, Government decided on a quarterly review of the performance of the coco industry as it affects all stakeholders. As a result, Government on the recommendation of the PPRC has approved the following:
PRODUCER PRICE- Government has increased the Producer Price of cocoa frm GH2,208.00 per tonne to GH 2,400.00 per tonne which is 72.16 % of the net FOB price. This figure translates to GH150.00 per bag of 64 kilogram gross weight as compared to GH 138.00 per bag announced in October 2009.
BUYERS' MARGIN-The Buyers' Margin has also been increased from GH 250.00 per tonne to GH 280.00 per tonne.
RATE FOR HAULIERS-The rate for Hauliers is GH 113.00 per tonne compared to the GH 105.00 per tonne announced at the beginning of the 2009/2010 season. All these increases take effect from Friday, the 8th of January, 2010.
INTEREST RATE ON SEED FUND-To ensure that the Licensed Buying Companies (LBCs) continue to play their very important intermediary role as primary interface between Government and the farmer, the Interest rate for the use of COCOBOD Seed Fund has been reduced from 20.5% to 18% with effect from 1st January, 2010.
SOCIAL SECURITY FUND FOR FARMERS-As announced in the Government Budget Statement and Economic policy for 2010, a Social Security Fund for Cocoa Farmers has been established with effect from the 2009/2010 season. COCOBOD is hereby directed to prepare modalities for implementation of the Social Security Fund for Cocoa Farmers
Hon. Dr. Kwabena Duffuor
Minister of Finance and Economic Planning