• VIDEOS
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Election 2020 Results
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Photos
Local News
 
 
 
Home News General News 201911

Nana Pushes Ghana Cocoa In Germany

21-Nov-2019
/ General News, News
Email
Print
Comments 0
President Akufo-Addo and Chancellor Angela Merkel
(0)
Comments
Share on Facebook Share on Twitter
 

President Nana Addo Dankwa Akufo-Addo has said his determination to ensure cocoa farmers get value for money for what they produce is on course.

“Ghana has instituted a strategic partnership with President Alassane Ouattara of Cote d’Ivoire to develop our cocoa industry,” he said and added that the joint effort would bring joy to the poor farmers who have suffered at the hands of major foreign trading partners who rely on cocoa beans from West Africa.

President Akufo-Addo was speaking last Tuesday in Berlin during the 3rd Compact with Africa Summit.

He was among 12 selected Heads of State and government who converged on the capital city of Federal Republic of Germany.

The compact meeting is held every year at the instance of Chancellor Angela Merkel to ramp up investment opportunities for these countries.

During an elaborate presentation of a ‘German Business and CwA Countries’ with emphasis on Ghana’s cocoa sector,  Hendrik Reimers, Founder and Chief Executive Officer (CEO) of Fairafric said they were bringing a processing factory to Ghana.

He said the family which owned German chocolate manufacturing company based in Munich is coming with a 5m Euro factory to Suhum in the Eastern Region.

After the presentation, President Akufo-Addo took his turn and said “the facts that are being put out about the farmers who produce the raw materials, who are the tiny bit of the value chain of the raw material, should be of interest to everyone.”

He said “so we have now made a conscious effort and are moving away from the situation where we are just exporters and producers of the raw material to ramping up the value chain in our home countries and this is a spectacular example of what the future holds for our country.”

Strong Partnership

In September, Ghana and Cote d’Ivoire agreed an initial deal to sell cocoa with a living income premium of $400 a tonne added to the price in a bid to reform the way global cocoa is priced.

In a move aimed at easing pervasive farmer poverty, the West African neighbours, who together produce more than 60 per cent of the world’s cocoa, introduced a Living Income Differential (LID) in July on all cocoa sales for the 2020/21 season.

Even French Chocolatier Cemoi, according to Reuters, confirmed it had bought cocoa from Cote d’Ivoire and paid the $400 a tonne LID, while trade sources said Sucden, Barry Callebaut, Cargill and Olam had done similar deals.

Cocoa prices on ICE Futures Europe hit a one-year high of 1,939 pounds ($2,424) in July, in anticipation of the pricing move by the West African producers.

Chocolate makers and grinders have publicly expressed support for the LID, though traders have privately said the plan could lead to surplus production and might eventually prompt them to seek other sources of supply.

Cote d’Ivoire and Ghana have so far sold around 20,000 to 25,000 tonnes with the premium attached and the bulk of an expected 2020/21 harvest of 2.5 million tonnes is yet to be sold, although it is still early in the marketing campaign.

The two countries plan to use funds raised from the LID to guarantee farmers get 70 per cent of a $2,600 a tonne (FOB) target price. If global prices rise above $2,900, proceeds from the LID will be placed in a stabilization fund that would be used to ensure farmers get the target price when market prices fall.

The LID is not the first attempt to combat farmer poverty.

Third-party certification schemes, corporate sustainability programmes, and government-guaranteed minimum prices have aimed to tackle farmer poverty and deforestation, a related scourge which also threatens the sector’s future in West Africa.

Source: Daily Guide

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

NCCE Deepens Citizens’ Understanding Of Whistle Blowers’ Act

Next Post

NDC Won’t Name Mahama’s Running Mate Now

 
 

More Stories

Owusu Bempah Speaks On Ibrahim Mahama’s Defamation Judgement
What Does The Ministry Of Employment Do? – Prof Gyampo Quizzes
Sierra Leone To 'Impose Covid Curfew And Travel Ban'
Coronavirus New Variant: What Do We Know?
Somali Refugee: 'Trump Messed Up Our Lives'
Dr Amoako Tuffuor Is Dead
Prez Nana Addo Unveils Golden Opportunity To Private Sector
US Civil Rights Activist Lauds Nana COVID Fight
We'll Do Our Best To Protect Students In School – Akufo-Addo
Next Post

NDC Won’t Name Mahama’s Running Mate Now

  Local News

  • General News
  • Social
  • Health
  • Education
  • Religion
  • Technology
  • Crime & Justice
  • Travel/Tourism
  • Science/Environment


 
 

 

Other General News Stories

  • Owusu Bempah Speaks On Ibrahim Mahama’s Defamation Judgement

  • What Does The Ministry Of Employment Do? – Prof Gyampo Quizzes

  • Sierra Leone To 'Impose Covid Curfew And Travel Ban'

  • Coronavirus New Variant: What Do We Know?

  • Somali Refugee: 'Trump Messed Up Our Lives'

  • Dr Amoako Tuffuor Is Dead

  • Prez Nana Addo Unveils Golden Opportunity To Private Sector

  • US Civil Rights Activist Lauds Nana COVID Fight

  • We'll Do Our Best To Protect Students In School – Akufo-Addo

  • HOMOSEXUALITY: Joe Biden Might Force Gay Practice On Africans… – Foh-Amoaning Warns

 

 
 

Popular Videos

Mark My Words; Mahama Will Discontinue The Case If… - Nana B

Your Response To Keche Was Childish - Mzbel Scolds Wendy Shay

Provision Of PPEs: You Can Close Down Schools...But Leave Us Out - Private Schools To GES

Election Petition: Maurice Ampaw’s Reaction

Prez Nana Addo Will Name His Minsters This Week – KON Hints

NDC Makes Another Mistake In Their Corrected Petition – Nana B

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Online Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media