John Mahama, the National Democratic Congress flagbearer, has voiced his concerns over the recent increase in the farm-gate price of cocoa announced by the government. He believes this adjustment is unfavorable to the hardworking cocoa farmers who play a crucial role in sustaining the nation’s economy.
In a Facebook post, Mahama argued that given the international market’s cocoa price reaching a 46-year high of $3,600, the government should have provided cocoa farmers with a more equitable share of the international FOB price. He expressed disappointment that the government has chosen to offer farmers only GH¢1,308 per bag, which accounts for just 52.7% of the FOB price on the global market.
President Nana Addo Dankwa Akufo-Addo made the announcement of the cocoa farmgate price increase over the weekend. Speaking at the launch of the 2023/2024 cocoa season in Tepa, Ashanti region, he disclosed that the price per bag has been raised from GH¢800 to GH¢1,308. This marks a significant 63% increase and the most substantial price hike for cocoa in nearly two decades, according to unverified reports. This new rate is set to take effect immediately for the upcoming crop year.
Nana Addo encouraged Ghanaians to consume more local cocoa products like chocolate to support domestic production and promote health benefits.
In response to the cocoa price increase, John Mahama expressed his disappointment. He stated that this adjustment is unfair to cocoa farmers, who have faced challenges since the NPP took office in 2017.
Mahama highlighted that in 2016, the NDC government, in addition to providing free fertilizers and free cocoa seedlings, ensured cocoa farmers received 66.06% of the FOB Price of cocoa.
He suggested that the NPP administration should have continued building on this foundation by increasing COCOBOD’s operational expenses and reducing the international FOB share for farmers.
