The Minister of Finance, Mr. Yaw Osafo Maafo says the effects of the September 11 attack on the United States which has triggered a world recession will not affect the price of cocoa.
The Minister was addressing the press recently after he presented a Mid-Year Review of the 2001 Budget to Parliament . He said despite worldwide recession the price of cocoa is expected to be stable because major consuming countries do not have reserves and would be compelled to replenish their stock. According to him the USA’s consumption of 11percent of total cocoa output is insignificant and will not affect the crop in the wake of a decline in the US economy. “Recession in the EU could have been disastrous for the industry,” he pointed out.
The Minister however expressed fear of a possible rise in the price of crude oil as a result of the crisis that has hit the airline industry, which consumes 20-25 percent of total world crude oil output.
Source: GhanaWeb
