Ghanaian government could cut prices it pays to cocoa producers during the 2017/2018 light crop season; this, after the status quo maintained during the previous campaign.
According to Reuters the country, which currently pays $1,700 per ton of cocoa, 83% of the global price, considers cutting it to 70% during the mid-crop season which spans from July to September. This measure should allow the government to adapt to the downward fluctuation in global cocoa prices for more than a year and to reduce the pressure on its finance.
“We have a GH₵2 billion ($440 million) hole for this season due to the fact that we didn’t drop the price,” said Charles Adu Boahen (photo), Ghanaian deputy finance minister to Reuters.
According to Rabobank’s forecasts, the country should produce 1 million tons of cocoa at the end of the 2017/2018 season.