11/02/2020 | Ingredients

Ghana’s cocoa farmers to receive LID from October

Reports suggest that cocoa farmers in Ghana will begin to receive the Living Income Differential (LID) from October onwards. Local news sources said that, effective 1 October 2020, the Ghana Cocoa Board (COCOBOD) will begin buying cocoa beans from cocoa farmers with the USD 400 LID added to their payments. COCOBOD is reported to be preparing documentation to be sent to parliament to formally enable LID legislation.

The plan was confirmed by the Managing Director of the Cocoa Marketing Company, Vincent Okyere Akomeah. The Cocoa Marketing Company is understood to have sold hundreds of thousands of tonnes of cocoa beans for the 2020/21 season at a price that includes the USD 400/t LID.