Ghana earns extra $40m revenue from sale of cocoa beans
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Ghana earns extra $40m revenue from sale of cocoa beans

- Ghana has earned extra revenue from the sale of cocoa beans for the 2020/21 crop season

- The amount, $40 million, was gotten from the sale of 100,000 tonnes of the next season’s cocoa beans

- The realising of the $40m from 100,000 tonnes so far showed that the country was well on course to earning a total of $360 million

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Ghana has earned extra revenue from the sale of cocoa beans for the 2020/21 crop season to be which is yet to be distributed to cocoa farmers.

The amount, $40 million, was gotten from the sale of 100,000 tonnes of the next season’s cocoa beans, according to data sighted by the Daily Graphic.

According to the Daily Graphic reports, the earnings are the fruits from the Living Income Differential (LID) on the sale of Ghana's cocoa beans which was introduced in July 2019.

Data showed that the beans were sold under the forwards contracts – a special arrangement that the Ghana Cocoa Board (COCOBOD) used to sell the country’s cocoa beans well before they are harvested.

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Sources at the Cocoa Marketing Company Limited (CMC), a subsidiary of COCOBOD, confirmed the development in an interview.

The realising of the $40m from 100,000 tonnes so far showed that the country was well on course to earning a total of $360 million from the LID, should it meet its 2020/21 production target.

The LID was introduced in July this year by Ghana and Cote d’Ivoire as an income booster for cocoa farmers and their respective countries.

It requires that buyers of cocoa from either country pay $400 in extra revenue on every tonne of cocoa bought.

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In other news, information reaching YEN.com.gh has indicated that a school structure has been abandoned by the New Patriotic Party(NPP) government which was initially started by the NDC

The structure is located at Nakpayili, Nanumba South District, in the Northern Region of Ghana.

According to YEN.com.gh sources, the building was among the first 50 schools built as part of the 200 community Day Schools built by the NDC government.

READ ALSO: Abandoned projects: Mahama E-block abandoned in Nankpayili in the Northern Region

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Source: Yen.com.gh

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