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Saturday, April 13, 2024

Minority demands increase in farm-gate cocoa price

The Minority in Parliament is demanding an immediate increase in the farm-gate of cocoa prices to reflect the hike in the world market.

According to the Minority, global cocoa prices have been soaring in recent times, hitting an all-time high of $10,000 per ton.

A statement signed by the Ranking Member on the Parliamentary Select Committee on Food, Agriculture and Cocoa Affairs, Eric Opoku, explained the surge stem from a substantial decrease in cocoa output in Ghana and Cote d’Ivoire.

The statement noted that unless there is a substantial increase in the farm-gate price of cocoa to offset the income decline experienced by farmers, the negative trend will continue.

The statement further said that the average international market price of cocoa is currently $10,000 per ton (equivalent to approximately GH₵130,000 per ton, based on a conservative exchange rate of $1 to GH₵13).

“This means that a bag of cocoa is currently being sold on the world market at about GH₵8,125, while the Ghanaian farmer is being paid a paltry GH₵1,308 by the insensitive and corrupt Akufo-Addo/Bawumia/NPP government.

This is a clear rip-off of our hard-working cocoa farmers by the Akufo-Addo/Bawumia NPP government, who continue to mismanage the cocoa sector,” it noted.

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Below is the statement:

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