58% Increment In Cocoa Farmgate Price Is An Insult – Cocoa Farmers Blasts Govt

Some cocoa farmers in Ghana have expressed disappointment in the government over the recent cocoa farmgate or producer price increment for the prevailing 2023/24 season.

This follows the announcement of a 58.26% increase from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season.

This figure translates into GH¢2,070 per bag of 64 kg gross weight from GH¢1,308.99.

But members of the Ghana National Cocoa Farmers Association say they deserve more considering the global surge in cocoa prices.

Stephenson Anane Boateng, President of the association, emphasized in a media interview that cocoa farmers are feeling unfairly treated.

He described the increment as an insult to the hard work of cocoa farmers and urged the government to do what is right by providing them with a fair price.

Mr Boateng further criticized COCOBOD, stating that they are withholding farmers’ money without justification.

“Cocoa has been raised globally to $10,000 per metric ton. So if you compare and you convert to our currency, it is running over GH¢9,000. We totally disagree with them. We pay our labor, we buy inputs for the farm, and then we also pay ourselves.

“So in a nutshell, we get only GH¢600 for that while COCOBOD also gets GH¢7,000. So what work did COCOBOD do that they give us that money. It’s an insult!”

Last week, the Ghana Cocoa Board (COCOBOD) announced a significant increase of 58.26 percent, setting the price at GH¢33,120 cedis per ton for the 2023/2024 crop season.

The new price came into effect on April 5, 2024.

COCOBOD stated that this decision is intended to share the benefits of the soaring global cocoa prices and to deter the smuggling of cocoa beans.

However, the Minority in Parliament insists the new price is inadequate and does not adequately compensate cocoa farmers.

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