Business News of Saturday, 8 February 2020Source: goldstreetbusiness.comCocoa farmers to begin receiving LID from October 1The new premium is meant to support cocoa farmers in both Ghana and Ivory CoastEffective October 1, this year, Ghana Cocoa Board (COCOBOD) will begin buying cocoa beans from cocoa farmers with the US$400 Living Income Differential (LID) added to their payments. The new premium is meant to support cocoa farmers in both Ghana and Ivory Coast who produce more than 60 percent of the world’s cocoa to tackle pervasive farmer poverty. To ensure that cocoa famers in the two countries become the sole beneficiaries of the US$400 LID, measures are being initiated to ensure its implementation. Besides, the two countries have also signed a charter to put in place a secretariat mandated to monitor the passing on of the entire US$400 LID to cocoa farmers. Already, the Cocoa Marketing Company has sold hundreds of thousands of tonnes of cocoa beans for the 2020/21 season with prices that include the new US$400 per tonne LID.

Source: GhanaWeb February 08, 2020 11:15 UTC