Dr. Samuel Ofosu Ampofo, the chairman of the Ghana Cocoa Board COCOBOD, has assured cocoa farmers that there will be no further reduction in the current price of cocoa beans.
This announcement was made to inform farmers about the stability of their earnings from the crop.
Dr. Ofosu Ampofo also revealed plans to create a cocoa price stabilization fund. This fund aims to protect farmers from potential future drops in global cocoa prices.
The establishment of this fund is intended to provide a safety net for the farming community.
Farmers rely on cocoa sales for their livelihoods, and stable prices are crucial for their economic well-being.
The details of how the stabilization fund will operate are expected to be released by COCOBOD soon.
This initiative is part of efforts to ensure the long-term health of Ghana's cocoa industry.
Ghana is one of the world's leading producers of cocoa.