Finance Minister, Dr Kwabena Duffuor, said the new figure, which is 71.06% of the net free on board board price, is the highest ever to be paid in the country.
Cocoa is Ghana's chief export and it had been under pressure to hike the price since Cote d'Ivoire, its western neighbour and the world's largest producer, had increased its producer price thus making smuggling of the beans lucrative.
He said government had approved the new producer price based on the recommendation of the Producer Price Review Committee (PPRC) that met earlier during the day.
The margin of the cocoa buying company, haulers' rate, Cocoa Marketing Company's internal marketing costs, as well as fees for disinfecting, grading, sealing and scale inspection have also been increased.
Dr Duffuor said government had given the state-owned Ghana Cocoa Board (COCOBOD) one week ultimatum to work out the bonuses of farmers on the 2008 and 2009 main cocoa crop season for approval by the Ministry of Finance and Economic Planning.
'COCOBOD must ensure that the payment of the bonus is effected before December 2009,' he stressed.
The Finance Minister announced that government had established a Social Security Fund for cocoa farmers to take effect for the 2009 and 2010 season.
Accra - 14/10/2009
Pana
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