Cocoa farmers to receive additional US$400 income as a boost
The Mechanism which was introduced to industry players was understood. This system takes into consideration a fixed living income differential which would provide farmers with a decent income.”
Cote D’Ivoire and Ghana have however promised to engage industry on issues of sustainability.
With 70% of global production, Ghana and Cote d’Ivoire are co-operating to tackle common challenges in the production and marketing of cocoa, and to create a conducive platform for effective engagement with traders, processors, manufacturers, and retailers on all relevant issues of mutual interest, including farmers’ income.
There are fears that the sustenance of the new cocoa floor price could be tampered by low consumption rate of cocoa especially in Africa which accounts to just 4 per cent of global consumption rates.