Ghana’s Cocoa Marketing Company has sold 280,000 tonnes of cocoa for the 2020/21 season by Jan. 7, with prices that include a new US$400 per tonne living income differential (LID), sources at CMC and the cocoa regulator, COCOBOD has said.
The prices include a new premium to support farmers and to tackle pervasive farmer poverty.
COCOBOD’s CEO Joseph Boahen Aidoo, in November last year, confirmed that Ghana was expecting to sell forward around 650,000 tonnes of next season’s crop.
Ivory Coast and Ghana announced in July that all cocoa purchases for the 2020/21 season must include a LID of $400 a tonne in a bid to tackle pervasive farmer poverty.
The move was a major overhaul of how global cocoa was priced and buyers initially responded cautiously with only a few deals concluded in the period immediately following the announcement.
Meanwhile COCOBOD still maintains that the LID has come to stay, urging all buyers, processing companies, manufacturers, and brand companies to embrace it.
Source: BusinessZone Online