The Ghana Cocoa Coffee and Sheanut Farmers Association has commended Ghana and Côte d'Ivoire for setting the floor price for cocoa at $2,600 per metric tonne.
Farmers in the two countries produce more than 60 percent of the world's cocoa output, but have been hit hard by the collapse in cocoa prices in 2017.
Representatives from across the industry met in Ghana to discuss the common floor price for cocoa beans produced in Ghana and Ivory Coast that would protect farmers' livelihoods.
Traders, manufacturers and processors agreed to the proposed floor price of $2,600 per tonne, but requested a technical meeting on July 3 to address details of its implementation.
The Association believed that the new price was a relief to boost production in the cocoa sector and as well increase the incomes of cocoa farmers in the country.
Alhaji Imoro Issifu Alhassan, the spokesperson for the Association at a press briefing in Accra, commended President Akufo-Addo for the initiative, saying, 'the decision is in the best interest of the farmers'.
Meanwhile, Alhaji Alhassan, who is also the Northern Regional Chief Farmer, had expressed gratitude to President Akufo-Addo for the warm reception when the association paid a courtesy call on him on May 10.
He appealed to the President to redeem his pledge of ensuring that the Association get the supply of mosquito nets, solar torch lights and solar lamps for the use of farmers as incentives to increased production.