The Minority in Parliament has released a statement signed by the Ranking Member on the Parliamentary Select Committee on Food, Agriculture, and Cocoa Affairs, Eric Opoku, addressing recent developments in the international cocoa market, particularly concerning significant price fluctuations.
In the press statement, the Minority noted that global cocoa prices have surged, reaching an unprecedented peak of $10,000 per ton. They attributed this surge to a substantial decrease in cocoa output in both Ghana and Cote d’Ivoire.
Expressing deep concern, the statement highlighted a sharp decline in Ghana’s cocoa production volumes under the Akufo-Addo/Bawumia NPP government. They pointed out that Ghana’s cocoa production for the 2023–2024 crop season is reported to be about 450,000 metric tons, the lowest in the past two decades.
This decline, they argued, is adversely affecting the incomes and purchasing power of cocoa farmers in Ghana, exacerbating their already challenging living conditions.
The Minority stressed the need for a significant increase in the farm-gate price of cocoa to counterbalance the income decline experienced by farmers. They pointed out that the average international market price of cocoa is currently $10,000 per ton, equivalent to approximately GH₵130,000 per ton based on a conservative exchange rate of $1 to GH₵13.
Drawing attention to the disparity between international market prices and what Ghanaian farmers are paid, the statement criticized the Akufo-Addo/Bawumia/NPP government for allegedly exploiting cocoa farmers. They noted that while a bag of cocoa is sold on the world market for about GH₵8,125, Ghanaian farmers receive only GH₵1,308. This, they argued, reflects a clear exploitation of hard-working cocoa farmers by the government.
The call by the Minority for an increment in the farm-gate price of cocoa comes on the back of a 50% increment in the farm-gate price of cocoa produced by farmers in Cote d’Ivoire by the Ivorian Government from 1,000 CFA to 1,500 CFA.
Read details of statement below:
Source: norvanreports