Minority Caucus demands increase in farm-gate price of cocoa
This call comes as Ivory Coast is set to increase their farm-gate price of cocoa
The Minority in Parliament has acknowledged the recent upheavals in the international cocoa market, particularly the significant price fluctuations.
Read full articleIn a press release signed by Eric Opoku, the Ranking Member on the Parliamentary Select Committee on Food, Agriculture, and Cocoa Affairs, the Minority highlighted the unprecedented surge in global cocoa prices, which have reached $10,000 per ton.
Attributing the surge to a considerable drop in cocoa output in Ghana and Cote d'Ivoire, the Minority expressed deep concern over the declining cocoa production volumes under the Akufo-Addo/Bawumia NPP government.
According to the statement, Ghana's cocoa production for the 2023–2024 crop season is projected to be around 450,000 metric tons, the lowest in two decades, exacerbating the plight of cocoa farmers.
The Minority stressed the urgent need for a substantial increase in the farm-gate price of cocoa to counteract the income decline faced by farmers, warning that the negative trend will persist otherwise.
Furthermore, the statement highlighted the stark contrast between the average international market price of cocoa, approximately GH₵130,000 per ton, and the meager GH₵1,308 per ton paid to Ghanaian farmers by the current government.
This discrepancy was described as exploitation by the Akufo-Addo/Bawumia/NPP government, reflecting mismanagement of the cocoa sector and adversely impacting hard-working cocoa farmers.
Below is the statement from the Minority Caucus:
