00:01Amid a drop in global cocoa markets, Ghana has slashed its farm gate cocoa rate paid to farmers.
00:09The move aligns the price with that of the international market to encourage more demand.
00:15The country is the world's second largest cocoa producer.
00:19But it has had difficulty paying farmers as cocoa demand has plummeted,
00:23prompting global cocoa prices to halve over the course of a year to approximately $4,000 per metric tonne.
00:31As a result of payment delays, thousands of farmers were left without money for food and basic farm maintenance.
00:38Meanwhile, stocks of unsold beans piled up in farms.
00:42According to an official, Ghana's leaders have directed the market regulator to start immediate repayment to all impacted cocoa farmers.
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