President Akufo-Addo has announced new cocoa producer price for the 2020/2021 crop year.
The President at the launch of the Cocoa Rehabilitation Programme at Sefwi Wiawso said from 1st October 2020, the new cocoa producer price will be GHC10,560 per metric ton, equivalent to GHC660 per bag for the coming 2020/21 crop year.
"Nananom, beginning 1st October 2020, I am happy to announce the award of a new cocoa producer price of GHC10,560 per metric ton, equivalent to GHC660 per bag for the coming 2020/21 crop year. This represents a hike of more than 28% over the price obtained in the outgoing crop year of 2019/2020."
However, the World Bank is conducting a study on the cocoa industry to ensure the sustainability of the sector which has given the nation several billions of dollars over the years.
The World Bank is warning that the cocoa industry may take nosedive if things are not done differently.
Ghana is estimated to have produced about 812,000 tonnes of cocoa beans in 2018/2019 crop year a decrease of approximately 969,000 tonnes in 2016/2017 crop year.
Simon Ehui, regional director for Sustainable Development, West and Central Africa of the World Bank explained that there is a need to focus more on the sustainability of the industry.
"...some studies to support the cocoa agenda in the Ghana and Côte d'Ivoire, which the decrease is caused by high deforestation especially in the southwestern part of Ghana which not sustainable. So we are also looking at the sustainability of the cocoa industry in Ghana and it's part of our dialogue process with the countries."