The Ghana Cocoa Board has made a significant move to restore confidence among cocoa farmers and industry players by disbursing approximately GH¢4.2 billion to Licensed Buying Companies for onward payment to farmers who have been owed since November last year. The payments are part of efforts to clear outstanding arrears within the cocoa sector.
According to #COCOBOD, the disbursement is a crucial step towards ensuring that farmers receive their rightful earnings, thereby boosting their livelihoods and contributing to the overall growth of the cocoa industry. The move has been welcomed by stakeholders in the sector.
The Ghana Cocoa Board has been under pressure to clear the outstanding arrears, which had affected farmers’ willingness to maintain production levels. The payment is expected to motivate farmers to increase production and improve the quality of cocoa beans.
“This is a welcome relief for cocoa farmers who have been waiting patiently for their payments,” said a cocoa industry expert. “The payment will go a long way to boost their morale and encourage them to continue producing high-quality cocoa.”
The cocoa sector is a significant contributor to Ghana’s economy, and efforts to restore its health are crucial for the country’s economic growth. COCOBOD’s move is seen as a positive step towards achieving this goal.
The disbursement of GH¢4.2 billion is expected to have a ripple effect on the economy, benefiting not only farmers but also other stakeholders in the cocoa value chain.
Source: #COCOBOD
Author: Korkor Anumu
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