Farmers break cocoa pods in Ghana's eastern cocoa town of Akim Akooko September 6, 2012. World cocoa prices hit 10-month highs this week on uncertainty over the West African crop, which in Ivory Coast and Ghana is marketed during a year-long season beginning in October, though prices remain well below heights reached last year during Ivory Coast's war. Picture taken September 6, 2012. To match COCOA-WESTAFRICA/ REUTERS/Kwasi Kpodo (GHANA - Tags: AGRICULTURE BUSINESS COMMODITIES FOOD) - RTR37MLA

IVORY COAST TO HIKE THE COCOA FARM GATE THIS SEASON AT 21 PERCENT

 

Ivory Coast plans to lift the fixed farm gate price charged to cocoa farmers by more than 21 percent to 1,000 CFA Francs (US$ 1,84) per kilogram in the 2020/2021 season, Coffee and Cocoa Council (CCC) sources said Thursday.

In June 2019, Ivory Coast and Ghana set up a price floor of $2,600 per ton and a Living Income Differential (LID) of $400 per ton to counter farmer’s poverty.

President Alassane Ouattara, who is running for another term next October, announced during a visit to Moronou region in the east of the country that he has good news to announce to planters in October without providing more information.

On Oct. 1 in Yamoussoukro, CCC sources reported President Ouattara would announce the price increase himself.

The world two largest cocoa producers, Ivory Coast and Ghana, formed a joint body last month to strengthen cooperation in science, pricing and fighting child labour.

Although this is not certain, Ghana is expected to announce an equivalent increase in farm gate prices in the coming weeks.

Ghana has defied aggressive lobbying by cocoa farmers to increase farmers prices in recent years, as the state cocoa industry regulator and facilitator COCOBOD is dealing with long term debt owing to the unsustainable expense of their intervals.

But this is an election year and, in such times, previous governments have raised prices to attract votes. However, this year brings unusual circumstances in that the new Living Incomer Differential (LID) of US$ 400 per ton is already being implemented in Cote d’voire and Ghana for the benefit of cocoa farmers, who grow 60 percent of the world cocoa Governance.

The laws of Ghana mandate that the government pay farmers at least 70 percent of the ruling foreign market price for cocoa.

 

SOURCE : www.kantankatv.com | Duodu Eugenia

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