There's no cocoa price increment - COCOBOD warns against false information

The Ghana Cocoa Board (COCOBOD) has addressed a recent flyer circulating on social media that claims cocoa prices have increased.

The institution has categorically stated that the information on the flyer is entirely false.

COCOBOD emphasised that no such announcement has been made and that the current cocoa prices remain unchanged.

In a statement on its Facebook page on February 17, 2025, COCOBOD urged the public and stakeholders to disregard the flyer and cautioned against spreading false information.

COCOBOD reassured the public that any official changes in cocoa prices would be communicated through its formal channels.

The misleading social media flyer claimed that the Minister of Food and Agriculture, Eric Opoku, had announced that cocoa farmers would receive 70% of the world market price. However, COCOBOD has refuted this claim, clarifying that no such statement was made.

“Our attention has been drawn to a false flyer circulating on social media, claiming that the Minister for Food and Agriculture has announced an increase in cocoa prices. This information is completely untrue. We urge our cherished stakeholders and the public to disregard this fake news and rely only on official communication from COCOBOD and the ministry,” the statement read.

The clarification follows remarks made by the Minister of Food and Agriculture, Eric Opoku, in which he stated that the government is willing to grant cocoa farmers a 70% increase.

However, he explained that this is not currently possible due to the significant debt left by the previous Akufo-Addo administration.

According to Opoku, the Ghana Cocoa Board owes creditors GH¢27 billion, with only GH¢5.37 billion currently payable.

“The former Western Regional Minister indicated to me, ‘Eric Opoku, you have the opportunity now to increase the producer price.’ That was what he told me. And I said, ‘Honourable, I will respond to that.’ Mr. Speaker, my response is this: We are fully determined to give cocoa farmers more than 60%. We want to give them 70%. But they know they have set a trap for us.

“The trap is that in their handing-over notes, they indicated that COCOBOD owes its creditors an amount of GH¢27 billion, and GH¢5.37 billion is due for payment this year. This means that before determining the producer price of cocoa, we must first allocate GH¢5.37 billion to settle part of the debt. That is what they have decreed to us,” he said.

He expressed surprise that the NPP, after creating financial difficulties in the COCOBOD sector, is now pressuring the NDC government.

He added that cocoa farmers should hold the NPP government responsible for the inability to secure the 70% increase, citing the substantial debt they left behind.

“And so, it is surprising that after creating this mess, they have the courage to pressure us to increase producer prices today while simultaneously urging us to pay less. I am making a contribution to statements, but because he invited me to respond, I decided to seize this opportunity to let them know: If Ghanaian cocoa farmers are unable to get the 70% they deserve, it is because of the massive debt the previous government created,” Opoku added.

VKB/EK

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