Ghana to lose $300 million as a consequence of bearing price drop of cocoa on the international market
(Ecofin Agency) - In Ghana, keeping the price of cocoa for the 2018/2019 cocoa season launched today at 7,600 cedis per ton ( the price set since October 2016) will make the country lose 1.5 billion cedis ($300 million), Ghanaweb reports, quoting the agriculture ministry.
According to Kennedy Osei Nyarko, deputy minister of agriculture, the status-quo observed shows the executive’s will to pay the equivalent of 70% of cocoa price in the international market to the producers. The official reveals that the real price per ton should be 6,000 cedis if the government did not bear the consequences of the price drop in international markets.
Let's remind that the cocobod contracted a syndicated loan of $1.3 billion from 21 banks to fund the purchase of 900,000 tons of cocoa during the current season.