Assessing Consumer Willingness to Pay a Premium for Organic Food Product: Evidence from Ghana
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This paper examines the willingness of consumers to pay a premium for organic food product with a contingent valuation data from urban Kumasi of Ghana. Consumer’s willingness to pay a premium is estimated with a bivariate Tobit model. The empirical findings indicate that apart from socioeconomic characteristics and consumer perceptions, product attributes tend to influence consumer preferences for organic water melon and lettuce. The estimated mean WTP premium for 1 kilogram of water melon is GH¢0.5554 (US$ 0.4575) and that of organic lettuce is GH¢1.2579 (US$1.0361).