Accra, Oct. 15, GNA - Purchases of the 2009/10 main crop cocoa season will commence on Friday, October 16, according to a statement signed by Mr Anthony Fofie, Chief Executive Officer of the Ghana Cocoa Board.

It said the producer price to be paid at all buying centres is GH¢66.24 per load of 30 kilograms for Grade I and II cocoa beans naked ex-scale or GH¢138 per bag of 64 kilograms gross. A tonne of 16 bags is GH¢2,208.00. The new producer price, which is 35.29 per cent more than the previous one, was announced by the Minister of Finance, Dr Kwabena Duffuor, on Wednesday.

The new figure, which is 71.06 per cent of the net free on board (FOB) price, is the highest price ever to be paid in the country. Dr Duffuor 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 Finance Minister also said government had established a Social Security Fund for cocoa farmers to take effect from the 2009/10 season.