The regulator for Ghana’s cocoa trade, COCOBOD says it doesn’t foresee a drop within the producer worth of beans for cocoa farmers within the wake of the novel Coronavirus pandemic.
In the meantime, for 2019, COCOBOD elevated the producer worth of the beans from GH¢7,640 to GH¢8,240 per tonne.
However the Chief Executive for COCOBOD, Joseph Boahen Aidoo, has stated it might be untimely to suggest a drop in costs for cocoa farmers simply but.
“This is a force majeure, and it is one of the factors for every economy. If there is a natural disruption, of course, it can affect some of the planning. But then the decision of the farmer’s price is not a decision of Ghana Cocoa Board or any individual. It always lies in the bosom of the producer price review committee,” Boahen Aidoo told the media.
According to him, his outfit could have to wait till the Producer Price Review Committee meets to resolve on the worth, including, COCOBOD will still go forward with processes wanted to sign this year’s syndicated loan scheduled for August.
The regulator, COCOBOD often commences the syndicated mortgage processes by February yearly however has had to put the method on hold as a result of Coronavirus pandemic.
Globally, most trading commodities have witnessed a significant slump of their share and producer costs as a result of disruption caused by the Coronavirus.
Specialists have predicted the ripple impact of the pandemic could affect the worth given to cocoa farmers.
Ghana, nevertheless, is the second main producer of cocoa on the planet after Ivory Coast.