Prime News Ghana

Cocoa business to improve; Ghana, Ivory Coast to start joint announcement of prices

By Justice Kofi Bimpeh
Cocoa farmers

Ghana and neighbouring Ivory Coast are likely to start a joint announcement of prices for cocoa beans at the last quarter of this year.

The two countries have separate periods of announcing their prices for which cocoa farmers are to sell a tonne of cocoa.

This has led to a lot of smuggling issues because when the price of one country is higher than the other, farmers hord the beans smuggle it to the other country and sell for more profit.

The two leading producers of cocoa beans will start a joint announcement to curb issues of smuggling and also get the right price for their beans and value for their work.

Read also: Trade Minister inaugurates $30m cocoa processing factory

Speaking to Joy FM, CEO of COCOBOD Joseph Aidoo said this will go a long way to improve the cocoa farming business.

"It prevents speculators from doing speculative buying in cocoa and hording with the intent of smuggling and again also is sought to affect the smuggling gap ones the gap is narrowed it makes it a disincentive for smugglers to try and smuggle cocoa across the border, the announcement of the price the same time works in favour of both country."

The new initiative is also aimed at harmonizing the cocoa trade among the two countries. Ghana News