( 3 Minutes Read)
COCOBOD has since its inception adopted forward sales as against spot sales and this has worked perfectly as it helps in planning and also helps in hedging prices against any shocks. The new Cocco season will start in October.
The producer price of cocoa will be reviewed upwards in the upcoming season which starts in October, the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo has hinted. With prices surging on the international market, he said the farm gate prices would definitely go up and therefore urged farmers to adopt good practices that would help increase their yields to take advantage of the upcoming price review. COCOBOD had already started negotiating for its forward contracts and from all indications it would get more than the USD 2600 benchmark price in the 2023-24 season. Farmers raised concerns about the producer price of cocoa and why it did not reflect the current international prices.
Aidoo explained that this was because COCOBOD has since its inception adopted forward sales as against spot sales and this had worked perfectly as it helps in planning and also helps in hedging prices against any shocks. The new cocco season will start in October.
The government in April this year reviewed the producer price of cocoa by 58.26 percent from GHC20,928 per tonne to GHC33,120 per ton for the rest of the 2023-24 season. This translates to GHC2,070 per bag.
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The COCOBOD CEO cautioned farmers on the use of weedicides on their farms, noting that it poses significant health and depletes the soil nutrients. Recently in the European Union Parliament, concerns were raised over the use of weedicides in farming, with calls for its ban.
