More than 2,400 cocoa farmers in Grenada will benefit from increased cocoa prices as of today, February 3.
The increased price of cocoa on the world market prompted the Grenada Cocoa Association (GCA) to announce the increase in the price per tonne today.
Chairman of GCA, Christopher Williams, said “I am pleased to announce that as from Monday, February 3, 2020 the price of (wet) cocoa will go back to EC$1.50 (One EC dollar=US$0.37 cents), per pound.”
Williams was speaking during a commission ceremony for the first solar drying wall in St Andrew.
Last December, cocoa was being sold for US$2444.71 per tonne and increased to US$2603.07 in January this year, according to the International Cocoa Organization’s website.
Additionally, Williams said that at the start of the cocoa production year in October 2019, the GCA had increased the cost by EC$0.10 cents after having dropped the price in 2017 for wet cocoa because of a drop in the world market.
The price of EC$1.35 cents remained for the 2018 to 2019 production season and the GCA said that dry cocoa – which has already gone through the process of drying by a farmer – will now be bought at EC$3.85 per pound. The old price was EC$3.47.
The island’s farmers, in addition, to exporting the raw cocoa, recently embarked on a value-added product and is the producer of the Jouvay branded chocolate bar.
The first phase of the project has been completed at a cost of US$166,851 with US$89,593 contributed by Global Environment Facility small grant project.
GCA said that the new technology utilises energy from the sun to produce heat as an alternative to burning hydrocarbons and will create a product that is free of Polycyclic Aromatic Hydrocarbons (PAH) contaminants, increase drying capacity; reduce energy costs and create resilient infrastructure for thousands of farmers.