June 7, 2017 / 7:18 PM / 4 months ago

Ghana to begin cocoa mid-crop purchases on Friday- regulator

ACCRA, June 7 (Reuters) - Ghana will begin its minor cocoa mid-crop purchases on Friday and will keep the price at which it buys beans from farmers at 7,600 cedis ($1,914) per tonne, industry regulator Cocobod said on Wednesday. Cocobod has projected to buy around 70,000 tonnes of beans through the usually 11-week mid-crop harvest which is discounted to local grinders. “The producer price to be paid at all buying centres is 475 cedis per bag of 64 kilograms gross. This translates to 7,600 cedis per tonne,” Cocobod said in a statement.

The world’s largest cocoa grower after Ivory Coast is targeting an output of at least 850,000 tonnes of beans by the end of the 2016-17 season in September, up from 780,000 the previous year.

Cocobod Chief Executive Joseph Boahen Aidoo said on Tuesday that Ghana might not pay annual bonuses to cocoa farmers this year due to a drop in global prices which had cost Cocobod around $1 billion in the last two years.

The government of President Nana Akufo-Addo has outlined plans to raise production to 1 million tonnes by 2020, by improving farming techniques and efficient disease control. (Reporting by Kwasi Kpodo; Editing by Susan Fenton)

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