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Company News of Monday, April 29, 2019
Source: mynewsgh.com
2019-04-29
Joseph Boahen Aidoo, Executive Director of COCOBOD
The authority responsible for producer prices for cocoa beans in the country sent a firm response to the International Monetary Fund (IMF), saying it would not reduce cocoa prices in the country as planned.
COCOBOD's latest production price review for the 2016/2017 season ranged from 6,670 GH ¢ per tonne to £ 7,520.
According to IMF reports, a reduction is needed this time to account for the changing price of cocoa in the international market.
According to the IMF, it has become essential for the government to reduce the price of cocoa production to ensure that the current funding deficit of 1 billion GH ¢ Ghana Cocoa Board (COCOBOD) does not grow .
Mr. Fiifi Boafo, Director of COCOBOD's Executive Director's Office, said in an interview with GBC that COCOBOD was taking a firm decision to help farmers in the country.
"COCOBOD solved this problem for several reasons. The cocoa farmer is already not in an advantageous position, so any further reduction will worsen the situation. " Mr. Fiifi Boafo explained.
"The country has to make sacrifices for them, so we have to make this sacrifice for the benefit of the people who have helped build the country over the years," the government quoted COCOBOD as saying.
The added dress can not however guarantee that cocoa prices can be maintained or not.
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