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Price of cocoa to be increased by 20% – Fairtrade Ghana Network

botchway December 24, 2018

 

By Maxwell Obiri-Yeboah                     .

Fairtrade Ghana Network, a global cocoa trading company, has promised increasing the minimum price and premium of cocoa [for its members] by 20% with effect from October 1, 2019.

This is a strategy of improving upon the current living conditions of its members especially in Ghana and La Cote D’voire.

Speaking at a news conference organized by the cocoa trading body, in Accra, the President of Fairtrade International, Johannes Kuomedjro said that the price of cocoa on the world market which is $2200.00, a tonne, would be increased to $2,400 per metric tonne at the point of export or Free on Board (FOB), a 20% increase which currently “is the highest fixed premium of any certification scheme.”

“The premium, which is an amount on top of the selling price paid directly to farmer organizations to spend on projects of their choice within their communities and cooperatives …would be $300 above the market price. This is a change from the current minimum fixed price of $2,300 per metric tonne for Fairtrade certified organic cocoa,” Mr. Kuomedjro.

He expressed that the decision was triggered by results obtained from a research conducted in the cocoa farming region in La Côte D’voire in April this year.

According to him, the research showed that 58% of Fairtrade certified cocoa farming households had incomes below the extreme poverty line.

“This new price per our research, would help improve upon the quality of life of all our members,’ he said.

 

 

Fairtrade International is “Therefore urging all its partners to adhere to the Fairtrade policies in order to contract the upcoming results by achieving the expected results.”

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