The two major cocoa producing countries, Ghana and Cote D’Ivoire have agreed to go ahead with the implementation of the floor price mechanism.
By this, the two have decided on a Fixed Living Income Differential of $400 per tonne, for every cocoa sold by both countries from the 2020/2021 Season.
At a news conference in Accra, Chief Executive of COCOBOD, Joseph Boahen Aidoo, emphasised, the differential of $400 would be applied to all categories of beans.
He said a stabilisation fund will be established by Ghana and Cote D’Ivoire to cushion farmers in times of drought.
Mr. Aidoo reiterated COCOBOD’s resolve to ensure cocoa farmers enjoy better living conditions, while urging them to adhere to good farming practices.