Abidjan — Ghana’s cocoa regulator ruled out cutting the price it pays farmers for the new harvest that starts in October, at a time when nations are working together to stem a rout in prices. The amount paid to farmers in the world’s second-biggest grower will be unchanged and may even rise in the new season, Joseph Aidoo, CEO of the Ghana Cocoa Board, said in Abidjan, the commercial capital of neighbouring Ivory Coast. Aidoo was attending an emergency meeting of International Cocoa Organisation (ICCO) members, at which they agreed to co-ordinate production strategies to fight a plunge in prices that has pushed London futures to a five-year low. Aidoo’s comments come after top producer Ivory Coast said in March that it would lower the price it pays farmers for the smaller of two annual harvests starting this month. It was the first cut since the country reformed the industry in 2012. "This is the price we have now for Ghana," Aidoo said in an interview. "We will maintain it or we wi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.