Paying Cocoa Farmers 25% Rather Than 70% of World Market Price An ‘Insensitive Swindle’ – Minority

The Minority members in Parliament has slammed the government and COCOBOD for pegging cocoa prices at a rate the minority considers a rip-off and insensitive.

In a statement released by Eric Opoku, the Ranking Member on the Parliamentary Select Committee on Food, Agriculture and Cocoa Affairs who is also Member of Parliament for Asunafo South, the opposition said the new price is a contradiction.

The GH¢2,070 per bag, which constitutes a 25.47% of the world market price of cocoa “contradicts an earlier pledge by President Akufo-Addo to give Ghanaian cocoa farmers a farm-gate price, constituting a minimum of 70% of the international market price.”

“The Minority is appalled by the continuous swindling of Ghanaian cocoa farmers by the insensitive and corrupt Akufo-Addo/Bawumia government. Never in the history of our country has any government shortchanged our gallant cocoa farmers this way.” The statement read.

See Full Statement.

On Tuesday, 2nd April, 2024, the Minority in Parliament issued a press statement demanding an immediate increase in the producer price of cocoa to ameliorate the plight of Ghanaian cocoa farmers.

This demand was predicated on the recent surge in the world market price of cocoa to an all-time high of averagely, US$10,000 per ton, which is equivalent to GH¢130,000 at a conservative exchange rate of US$1 to GH¢13. This amount translates into GH¢8,125 per bag of cocoa on the international market.

It is sad to note that the newly announced producer price of GH¢33.120 per ton which translates into GH¢2.070 per bag, constitutes a paltry 25.47% of the world market price of cocoa.

Once again, we wish to reiterate that this is a rip-off of our hard working cocoa farmers, as it constitutes the lowest percentage of the international market price of cocoa ever given to Ghanaian cocoa farmers as farm-gate price in the history of this country.

The current increase in the producer price of cocoa, which constitutes a trifling 25.47% of the international market price, contradicts an earlier pledge by President Akufo-Addo to give Ghanaian cocoa farmers a farm-gate price, constituting a minimum of 70% of the international market price.

The Minority is appalled by the continuous swindling of Ghanaian cocoa farmers by the insensitive and corrupt Akufo-Addo/Bawumia government. Never in the history of our country has any government shortchanged our gallant cocoa farmers this way.

At a time when our national cocoa output has sharply declined from 969,000mt in 2016 to a paltry 450,000mt in 2024, the least expected of the Akufo-Addo/Bawumia government is to give our already-impoverished cocoa farmers a fair increment in the farm-gate price of cocoa to compensate for the huge losses they have recorded in their incomes.

We hold the view that any increase in the farm-gate price of cocoa below 60% of the prevailing international market price is a monumental rip-off of our suffering cocoa farmers. In other words, any increment in the farm-gate price of cocoa below GH¢5,000 per bag is grossly unfair and unacceptable.

The Minority wishes to serve notice that we shall haul the Minister for Agriculture before Parliament to answer for this broad daylight robbery perpetrated against our gallant cocoa farmers. While at it, the Minority shall, in the coming days, hold a series of engagements with cocoa farmers and other industry players on the way forward for Ghana’s dying cocoa industry.

SIGNED.

ERIC OPOKU (MP)