President Nana Akufo-Addo has announced cocoa farmers in Ghana and Ivory Coast will from the start of the 2021 crop season be paid a Living Income Differential (LIB) of $400 per tonne of cocoa.
The President revealed this when he addressed the UNDP High Level Dialogue with African Influencers at the Kempinski Gold Coast Hotel under the theme, ‘Africa’s Money For African Development : A Future Beyond Aid.’
The President in his address indicated that Ivory Coast and Ghana have agreed on initial deals to sell cocoa with a living income premium of $400 in a bid to reform the global cocoa price.
“LIB of $400 per tonne will be paid to farmers for all categories of cocoa beans from Ghana and Cote D’Ivoire starting from the 2021 cocoa crop season; when our two countries begin to apply a new price mechanism for the sale of cocoa at $2,600 dollars per tonne,” President Akufo Addo said.
The president added the policy has found support from major chocolate producers like Mars who recognise the need to make the industry sustainable.