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Akufo-Addo's increment in cocoa prices a grand deception … – Myjoyonline

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The Minority in Parliament has described President Akufo-Addo’s recent announcement of a GH¢1,308 producer price per bag of cocoa as a scam.
According to the NDC MPs, the farmers deserve some more as the price for the product on the international market has surged to a record high of about $3,600 per metric ton as of 31st August 2023.
They thus argue that the government is ripping off the cocoa farmers instead of doing them good for their hard work.
In a press statement issued by the NDC MPs signed by its Deputy Ranking on Parliament’s Food and Agriculture Committee, Dr Seidu Jasaw, they insisted that the farmers will be worse off with the new price.
“The Akufo-Addo/Bawumia/NPP government has once again shortchanged Ghanaian cocoa farmers. The announced increment in the farmgate price of cocoa to GH₵1,308 is a total rip-off as cocoa farmers will continue to remain worse off than they were seven years ago under the NDC/Mahama government.”
The Spot Price of cocoa on the international market has surged to a record-high of about $3,600 per metric ton as of 31st August 2023. This price is the highest since 1977- that is, in the last 46 years,” an excerpt of their press release said.
Speaking at an event in Tepa on September 9, President Akufo-Addo acknowledged the challenges faced by cocoa farmers due to low international cocoa prices, exacerbated by the COVID-19 pandemic.
Despite these difficulties, he mentioned that COCOBOD and the government have decided to raise the producer price of cocoa.
The President explained that cocoa prices had increased from GH¢7,600 per tonne in 2016 to GH¢12,800 per tonne in 2022, a substantial 68% increase.
He stated that the government had further raised cocoa prices from GH¢12,800 per tonne to GH¢20,943 per tonne, equivalent to GH¢1,308 per bag. This new price represents 70.5% of the Gross FoB price and is equal to $1,821 per tonne.
President Akufo-Addo highlighted that this is the highest price paid to cocoa farmers in West Africa in approximately 50 years.
Meanwhile, former president John Mahama has also expressed disappointment over the new cocoa price.
Mr Mahama who is also the flagbearer of the National Democratic Congress (NDC) described it as a rip-off of hardworking cocoa farmers.
“Sadly, the government has chosen to give them a paltry GH₵1,308 per bag, which constitutes only 52.7% of the FOB Price of the product on the international market.”
Mahama insisted that this is unfair to cocoa farmers who have faced increasing challenges since the NPP assumed office in 2017.
Mahama pointed out that during his tenure in 2016, his government, in addition to the free fertilizer and free cocoa seedlings program, allocated cocoa farmers 66.06% of the FOB Price of cocoa.

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