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Minority calls on Gov’t to Peg producer price of cocoa at Ghc1000 per bag

Minority calls on Gov't to Peg producer price of cocoa at Ghc1000 per bag

The Minority Caucus in Ghana’s Parliament has called for the swift announcement of a new farm gate price of cocoa for the 2022/2023 season.

cocoa price

Addressing Journalists in Parliament on Wednesday, October 5, 2022, the Ranking Member on the Finance Committee, and Member of Parliament for Ajumako/Enyan/Essiam Constituency in the Central region, Dr. Cassiel Ato Baah Forson, implored the government to increase the producer price to Ghc1000 per bag.

According to Mr. Forson, Ghana’s neighbours, Ivory Coast, has recently raised its producer price of cocoa by 9% per kilogram.

The Ranking Member on the Parliament’s Finance Committee cautioned the government not to announce any price below GHS1000 per bag.

Ghana last increased its farm gate price in 2022; from GHS515 to GHS660.

That was a historic 28% hike that followed the $400 Living Income Differential on every tonne of cocoa.

Dr. Ato Baah Forson said the government’s lackadaisical attitude in announcing a new farm gate price of cocoa for the 2022/2023 season is worrying.

“Cocoa farmers are fed up and demand their cocoa prices now. The suspense cannot continue,” Mr. Forson said.

He noted further that the uncertainties over the pricing were getting very worrying for farmers.

“After these uncertainties, the government should not announce any price below GHS per bag, in other words, GHS16, 000 per metric tonne.” He reiterated.

Mr. Forson added that the current prices were passed on an old exchange rate.

“We wish to remind them that the dollar is now trading at more than GHS10 per dollar.

“Even at the dollar equivalent price farmers and all stakeholders, including the Licenced Buying Companies and haulers, should receive higher prices and margins this year.” He stated.

The regulator for the Cocoa sector, COCOBOD, has secured a syndicated loan of $1.13 billion for the next crop season but is yet to adjust the farm-gate price which currently sits at GH¢660 per 64 kg bag.


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