Government will not review cocoa prices despite 40% dip in world market price - Majority

The Deputy Chairman of the Food, Agriculture and Cocoa Affairs Committee of Parliament, Kwame Asafu-Adjei says despite the 40 percent fall in the price of Cocoa on the World Market, government will not review the price of the commodity downwards.

He said calls for money from the Cocoa Stabilization Fund to be used to increase the price of cocoa in the face of the fall in the world market price are not tenable as the Fund was set up purposely to stabilize prices for the farmers.

Addressing a News Conference in Parliament organized by the Majority in response to the concerns of the Minority on the decision of government not to increase cocoa prices, the Deputy Chairman said the Cocoa Stabilization Fund was established to reduce exposure of farmers to price volatility.

The Deputy Chairman of the Food, Agriculture and Cocoa Affairs Committee, Kwame Asafu-Adjei said even though neighboring cocoa producing countries have reduced the price on cocoa for their farmers, government is rather absorbing the loss by paying extra money to the farmers.

The Majority Leader and Minister for Parliamentary Affairs Osei Kyei-Mensah Bonsu spoke about the cocoa fertilizer programme.

He was speaking at a News Conference organized by the Majority to respond to the concerns raised by the Minority over the decisions not to increase price of cocoa and the challenges with the cocoa fertilizer programme. Read Full Story