Finance Minister, Ken Ofori-Atta has noted that the $1.3 billion Cocoa Syndication Loan which has been approved by Parliament and expected in the last quarter of 2022 will boost the cocoa sector.
Mr. Ofori-Atta said the loan will further help the country to build foreign exchange reserves and provide a strong buffer for the cedi in the last quarter of the year.
“The traditional Cocoa Syndication Loan, expected in the last quarter of 2022 which will promote the cocoa sector, will further help us build our FX reserves and provide a strong buffer for the cedi in the last quarter of the year,” to quote from the minister.
He made these comments at a news conference in Accra.
The Minister’s comments comes on the back of calls by cocoa co-operatives and civil society organizations on Ghana Cocoa Board (COCOBOD) to increase the producer price of cocoa to ¢838 from the the current ¢660 per bag for the 2022/2023 crop season. This translates into $98 per bag of 62.5 kilogrammes of cocoa beans.
The Coalition for Cocoa Sector Reforms says the proposed increase in producer price should be part of the raft of measures to ameliorate the plight of cocoa farmers.
This figure was arrived at using the lowest projected values available, including the Living Income Differential (LID) of $400 per tonne as agreed between cocoa producers and buyers.