‘Rise in cocoa price will affect chocolate industries’- Dr. Worlanyo Mensah

Economist and lecturer at the Wisconsin International University College, Dr. Samuel Worlanyo Mensah has outlined the effect of the rise in cocoa prices on both farmers and consumers.

The Databank Research revealed that Gold prices are expected to increase in 2025 due to significant supply constraint from Ghana and Côte d’Ivoire which are slowly recovering from adverse weather.

Speaking to Univers Business Dr. Worlanyo explained that the increase in cocoa price will not just affect farmers but local consumers as well.

He admonished government to put in place a comprehensive programme to be able to handle the situation.

But it’s a likelihood that these increases will definitely reduce the quality of our chocolates, and for that matter, it’s likely to affect the chocolate industry. The increase will motivate famers but invariably will increase the cost of chocolate and once the cost of chocolate for that matter are increasing, Ghanaians will lose interest in consuming chocolate and meaning that it will only be advantageous to people who are outside the country and that will also affect the well-being. The nutritional level of the populace. But I think we need a very huge comprehensive Program to be able to overhaul the industry.

He also called on the government to provide the necessary reward for farmers in order to motivate their work.  According to him, government over the years has not been giving farmers their due reward and he believes that its high time the government encouraged these hard-working farmers.

So, if you look at the producer price, I believe that what we we have been offering our farmers over the years is woefully inadequate. And I think it’s time that the government should give what is exactly due our farmers and not to undermine cocoa farming.

Source: univers.ug.edu.gh