President Nana Addo Dankwa Akufo-Addo’s has announced an unprecedented producer price for the 2023/2024 cocoa season.
The atmosphere was filled with spontaneous jubilation as the President revealed the remarkable increase in cocoa prices
In response to this exciement the farmers couldnt hide thier joy as they rushed to the front of the podium, temporarily interrupting the President’s speech
In his announcement, President Akufo-Addo revealed that cocoa prices would see a substantial rise, soaring from GHC 12,800.00 to GHC 20,943.00 per tonne and GHC 1,308.00 per bag. This increase, amounting to a 63.5 percent jump from the current price of GHC 800.00, marks the highest payment to cocoa farmers in West Africa in over 15 years.
Speaking to the gathered farmers, President Akufo-Addo assured them of the government’s dedication to providing favorable prices for cocoa in the coming years and emphasized the significant transformations taking place in the cocoa industry under his leadership.
President Akufo-Addo also highlighted the introduction of a contributory scheme under the new three-tier pension system for cocoa farmers, with enrollment already underway. He noted that COCOBOD, the Ghana Cocoa Board, would contribute GHC 74.5 million to the fund this year, allowing cocoa farmers to plan for their retirement.
Mr. Bryan Acheampong, the Minister of Agriculture, acknowledged the crucial role of cocoa farmers in driving the nation’s development. He recognized the challenges facing the cocoa sector, including issues like smuggling and illegal mining, and expressed his determination to address them.