Finance: Fallen cocoa prices leaves bitter taste for Ghanaian farmers as the country loses $1bn annually

Revenues are declining due to fallen prices on the international market

Ghana, the world's number two cocoa producer, has missed out on nearly $1 billion in export earnings due to a steep decline in global cocoa prices, the CEO of Ghana Cocoa Board (Cocobod) 

"In Ghana, we have lost close to $1 billion in export earnings," Joseph Boahen Aidoo told a news conference following an International Cocoa Organisation meeting in Ivory Coast.

Cocoa futures in New York and London have fallen by roughly a third since last year and hit fresh multi-year lows last week.

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However, Minister of Food and Agriculture for Ghana Dr Owusu Afriyie Akoto Ghana's believes the fallen prices would not have burdened the country but for the inability of the previous government to take advantage of the London Market’s $3000 price per metric tonne of cocoa.

“During the last four years of the NDC administration, we had the benefit of the historical $3000 per metric tonne on the London market but they let it pass with corruption and wastage in the system and now in the last time prices have collapsed from the $3000 plus to less $1,900 so Ghana is losing more than $1billion a year just by this form. So, it’s a big challenge for us.”

Speaking on local media agency;Starr FM, he said that development has led to the difficulty of the current government to increase the producer price for framers.

Revenues are declining due to fallen prices on the international market Read Full Story