{"id":250306,"date":"2024-11-13T15:39:48","date_gmt":"2024-11-13T15:39:48","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/13\/alan-promises-prosperity-for-cocoa-farmers-end-to-syndicated-loans\/"},"modified":"2024-11-13T15:39:48","modified_gmt":"2024-11-13T15:39:48","slug":"alan-promises-prosperity-for-cocoa-farmers-end-to-syndicated-loans","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/13\/alan-promises-prosperity-for-cocoa-farmers-end-to-syndicated-loans\/","title":{"rendered":"Alan promises prosperity for Cocoa farmers, end to syndicated loans"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The founder and leader of the Movement for Change, Alan Kyerematen, has promised to drive economic growth for the country\u2019s cocoa farmers by focusing on reform and greater financial independence.<\/p>\n<p>He promised to end the syndicated loan scheme, which he argues has placed a burden on the industry by creating dependence on external financing.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107182\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-14.15.51_deb36a1a.jpg\" alt=\"\" width=\"1080\" height=\"771\"  \/>Speaking to a gathering of chiefs and local communities in the Ahafo Region, as part of his Caravan Campaign Tour, Alan condemned the current and previous administrations for what he describes as exploiting cocoa farmers of their rightful income.<\/p>\n<p>\u201cThe current system forces the government to borrow about $2 billion annually under the guise of helping cocoa farmers, yet pays them in cedis. This discrepancy shortchanges farmers as our currency loses value, causing their earnings to be used to service growing debts.<\/p>\n<p>\u201cBy financing our cocoa purchases with local cedi-denominated funds, we ensure that when our cocoa is sold internationally, both the country and farmers gain full value. No more will our farmers\u2019 hard work serve only to pay off foreign loans,\u201d he stated.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107181\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-14.15.51_51b239e1.jpg\" alt=\"\" width=\"1080\" height=\"771\"  \/>Referencing the current global price of cocoa, which stands at a record $7,960 per ton, Alan criticised the government for its failure to translate these high prices into fair earnings for Ghanaian farmers.<\/p>\n<p>\u201cWith prices this high, it\u2019s unforgivable that our farmers still struggle with inadequate compensation. The government is not paying them nearly what they deserve,\u201d he stated.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107180\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-14.15.51_9db5832c.jpg\" alt=\"\" width=\"1080\" height=\"772\"  \/>Alan Kyerematen added that when he is voted for and wins the 2024 presidential elections, he would process at least 70% of Ghana\u2019s cocoa locally, converting raw cocoa into finished products like chocolate to increase revenue.<\/p>\n<p>\u201cThe real value of cocoa lies in what we create from it. If we export finished products, our farmers will finally see the prosperity they deserve,\u201d he explained, emphasising that Ghana\u2019s status as the world\u2019s second-largest cocoa producer should be leveraged for greater economic gains.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107179\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-14.15.51_b850c06e.jpg\" alt=\"\" width=\"1080\" height=\"772\"  \/>The leader of the Movement for Change also noted that the current pollination costs in the cocoa sector are a barrier for most farmers, which, according to him, has reduced yields significantly.<\/p>\n<p>\u201cOur cocoa farmers deserve access to free pollination services to boost their yield. Under my leadership, pollination will be free, allowing farmers to cultivate and harvest more efficiently,\u201d he promised, eliciting cheers from the audience.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107178\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-14.15.52_4a7395fb.jpg\" alt=\"\" width=\"1080\" height=\"771\"  \/>Additionally, Alan Kyerematen also laid out plans to deepen private sector participation in the cocoa sector, including offloading shares of COCOBOD on the Ghana Stock Exchange.<\/p>\n<p>He proposed a share option scheme that would give farmers a stake in the cocoa market, empowering them to reap greater financial rewards from their hard work.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1107176\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-14.15.52_3dafce3b.jpg\" alt=\"\" width=\"1080\" height=\"771\"  \/>\u201cIt\u2019s time for our farmers to have ownership in the industry they sustain,\u201d he noted.<\/p>\n<p>\u201cThis is about giving our cocoa farmers the prosperity they deserve,\u201d he concluded.<\/p>\n<p>Again, he said with COP29 focusing on climate financing; it was important for developed countries in particular to make financial commitments to accelerate the green transition.<\/p>\n<p><em><strong>#GhanaPolls2024<\/strong><\/em><br \/><em><strong>#CitiVerify <\/strong><\/em><br \/><em><strong>#ElectionBureau<\/strong><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The founder and leader of the Movement for Change, Alan Kyerematen, has promised to drive economic growth for the country\u2019s cocoa farmers by focusing on reform and greater financial independence. He promised to end the syndicated loan scheme, which he argues has placed a burden on the industry by creating dependence on external financing. Speaking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":250307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-250306","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alan promises prosperity for Cocoa farmers, end to syndicated loans - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/13\/alan-promises-prosperity-for-cocoa-farmers-end-to-syndicated-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alan promises prosperity for Cocoa farmers, end to syndicated loans - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The founder and leader of the Movement for Change, Alan Kyerematen, has promised to drive economic growth for the country\u2019s cocoa farmers by focusing on reform and greater financial independence. He promised to end the syndicated loan scheme, which he argues has placed a burden on the industry by creating dependence on external financing. 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