The Grenada Cocoa Association (GCA) on Monday announced it would be paying farmers more for their product as a result of an increase in the price for the commodity on the world market.
The International Cocoa Organization website indicates that in December last year, cocoa was being sold for US$2444.71 per tonne and increased to US$2603.07 in January this year.
“I am pleased to announce that as from Monday, February 3, the price of (wet) cocoa will go back to EC$1.50 (One EC dollar=US$0.37 cents), per pound,” GCA chairman, Christopher Williams, said during a ceremony to commission its first Solar Drying Wall in the rural parish of St Andrew.
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.
As part of the justification for the increase to farmers, 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.