Cashew farmers are lamenting their losses this season after being forced to sell produce at 25 percent below the standard rate because of the coronavirus pandemic.
The price of the commodity has fallen worldwide as a result of COVID-19 related restrictions, and the farmers are taking a hit. Produce that should sell at GHc8 was sold for GHc2.5 in some areas.
The spread of the COVID-19 pandemic has forced the world’s largest importers of raw cashew nuts, including India, China and Vietnam, to cut down their orders as processing factories close due to lockdowns.
This has caused a glut, forcing the international market price of the commodity to slump by 63 percent between January 2020 and May 2020.
Secretary of the Ghana National Cashew Farmers Association, Clement Anane says they are struggling to recoup their investment as a result.
President of the Association of Cashew Processors Ghana Ed-Malvin Nii Ayibonte Smith says more needs to be done to rationalize the pricing of cashew for the benefit of all players in the sector.