Ghana Sets Minimum Cocoa Price at 3,280 Cedis a Metric Ton

(Updates with minister’s comment in second paragraph.)

Oct. 14 (Bloomberg) -- Ghana, the world’s second-biggest cocoa producer after Ivory Coast, set the minimum price that farmers will be paid for their beans at 3,280 cedis ($2,000) a metric ton for the 2011-12 harvest, Finance Minister Kwabena Duffuor said.

The price of the beans has been falling on global markets and the government has “sacrificed part of its export tax share” to help farmers, Duffuor said today at a news conference in Accra, the capital.

--Editors: John Deane, Nicholas Larkin

To contact reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.