Ghana: Govt's Increment of Cocoa Prices a Grand Deception - Minority

12 September 2023

The Minority in Parliament has described President Akufo-Addo's recent announcement of a GH¢1,308 producer price per bag of cocoa as a scam.

According to the NDC MPs, the farmers deserve some more as the price for the product on the international market had surged to a record high of about $3,600 per metric tonne as of August 31, 2023.

They argued that the government was ripping off the cocoa farmers instead of doing them good for their hard work.

In a press statement issued by the NDC MPs signed by its Deputy Ranking on Parliament's Food and Agriculture Committee, Dr Seidu Jasaw, they insisted that the farmers would be worse off with the new price.

"The Akufo-Addo/Bawumia/ NPP government has once again shortchanged Ghanaian cocoa farmers. The announced increment in the farmgate price of cocoa to GH¢1,308 is a total rip-off as cocoa farmers will continue to remain worse off than they were seven years ago under the NDC/Mahama government," the statement said.

The spot price of cocoa on the international market has surged to a record-high of about $3,600 per metric tonne as of August 31, 2023. This price is the highest since 1977- that is, in the last 46 years," an excerpt of their press release said.

Speaking at an event in Tepa, President Akufo-Addo acknowledged the challenges faced by cocoa farmers due to low international cocoa prices, exacerbated by the COVID-19 pandemic.

Despite these difficulties, he mentioned that COCOBOD and the government have decided to raise the producer price of cocoa.

The President explained that cocoa prices had increased from GH¢7,600 per tonne in 2016 to GH¢12,800 per tonne in 2022, a substantial 68 per cent increase.

He stated that the government had further raised cocoa prices from GH¢12,800 per tonne to GH¢20,943 per tonne, equivalent to GH¢1,308 per bag. This new price represents 70.5 per cent of the Gross FoB price and is equal to $1,821 per tonne. --

AllAfrica publishes around 500 reports a day from more than 90 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.