23.3 C
Wednesday, September 30, 2020

Ghana raises cocoa farmers’ pay by 21%

Popular Stories

See Reasons Why People Are Buried Six Feet Under

This unique location has followed a popular intensity of 6 toes. However, have you ever ever questioned why and whilst humans noticed...

Stop:You Are Slowly Destroying Your Kidneys By Doing These 7 Things You Always Do

There is an expansion in the occurrence of Kidney disappointment among blacks now on account of specific things that we do every...

You Are Slowly Damaging Your Liver When Doing These 7 Things

These pieces of the body are: the cerebrum, heart, kidney and the liver, just to make reference to yet few. For the...

SEVEN Footballers Who Don’t Drink Alcohol

Alcohol taking as an exercise is common in almost every society as it is a major mode of “socialization”. The situation is...
Christopher Sam
Christopher Sam is a web designer, developer and has advanced knowledge in Search Engine Optimization, Responsive Website Design, Emails Marketing, BULK SMS Messaging, Schema Markup and a certified Google Trainer. He is a creator and editor at Hypercitigh.com, an online digital platform focusing on Credible and Timely news and in Ghana.
- Advertisement -

Ghana has raised its farm gate price for cocoa by 21% after implementing a $400 per metric ton premium on futures prices for the 2020-21 harvest, according to two people familiar with the matter.

Growers of cocoa beans in the world’s second-largest producer of the crop will receive 625 cedis ($108) per 64-kilogram bag, or 10,000 cedis per ton, for the harvest season that begins Oct. 1 and continues through Sept. 2021 after the so-called Living-Income Differential (LID) was charged on the beans.

- Advertisement -

This compares to 515 cedis per a bag and 8,240 cedis per a ton in the current season that ends Sept. 30, the people said, asking not to be named as the information is not yet public.

Ghana and neighboring Ivory Coast, the world’s largest grower of the crop, announced in July last year that the LID would raise the pay of farmers.

The pricing mechanism received mixed reactions from traders as the premium couldn’t be hedged.

- Advertisement -

The farm gate price increase for Ghana’s estimated 800,000 cocoa farmers may boost President Nana Akufo-Addo’s chances of re-election in December’s election.

He is running against former leader and main opposition candidate John Dramani Mahama.

Source: Bloomberg

- Advertisement -

Source link

- Advertisement -
- Advertisement -

More articles

Latest article

Galamsey pit crashes 5 to death in the Western Region

File photo: 'Galamsey' pit ...

Delays in submitting 2019 audit report due to COVID-19, not cover-up

The Audit Service has debunked claims by the Minority in Parliament that it has deliberately delayed the submission of the 2019 Audited Public...

Unity schools to resume October 11- Minister of Education, Adamu Adamu

The Minister of Education, Adamu Adamu has announced that unity schools will be reopening across the country on October 11.    The Minister in...

If social media likes were lucrative Akuapem Poloo would be a billionaire- Kwaw Kese

Kwaw Kesse Akuapem Poloo Kwaw Kesse may have gotten himself in trouble...

Kuwait swears in new emir after Sheikh Sabah’s death

Kuwait has sworn in its new emir, Sheikh Nawaf al-Ahmad al-Sabah, to receive the body of his half-brother, the late ruler Sheikh...