- COCOBOD has defied an order from the IMF to reduce cocoa prices
- COCOBOD explained that it wishes to help the Ghanaian farmers, hence its decision
- The IMF was of the view that a reduction in the prices would reflect changes in cocoa price on the international market
Ghana Cocoa Board (COCOBOD) has reacted to a call by the International Monetary Fund (IMF) to reduce cocoa prices.
It has stated that it would not comply with the directive, and would therefore maintain it at GH¢7, 520, an increase from GH¢ 6,670 for the 2016/2017 season.
The rationale behind the directive, YEN.com.gh understands, was to reflect the changes in cocoa price on the international market.
According to the IMF, it has become critical for government to reduce the producer price of cocoa to ensure that the Ghana Cocoa Board (COCOBOD’s) current funding gap of GH¢1 billion does not expand.
Mynewsgh.com reports that COCOBOD is taking the firm decision in order to help farmers in the country.
This stems from a decision by COCOBOD to protect the Ghanaian farmers, as checks reveal the current situation is not the best for them.
It added that the government has risen to the defence of the farmers, saying their huge contribution to Ghana’s development cannot be ignored, and for that reason the price would be maintained.
COCOBOD however added it cannot guarantee what may happen in the days ahead whether it can maintain the prices or not.
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