COCOBOD to announce new cocoa farmgate price on September 10

The Chief Executive Officer (CEO) of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has announced that a new cocoa price will be disclosed on Tuesday, September 10, 2024.

Addressing a gathering of cocoa farmers in Kumasi, Mr. Aidoo revealed that President Nana Akufo-Addo will announce the new price at the opening of the new cocoa crop season.

He explained that while the government initially planned to open the season on September 1, 2024, unforeseen circumstances led to a postponement.

Mr. Aidoo assured farmers that the new cocoa price would be more favourable than the current rate, although he did not provide any specific figures.

In response to concerns regarding conflicting statements between himself and the Finance Minister about the financing of the upcoming cocoa season, Mr. Aidoo clarified that there would be no reliance on external funding this year.

He reiterated that COCOBOD is committed to a self-financing model for the upcoming season, marking a significant shift from previous offshore financing practices.

He emphasized that if the self-financing approach is successful, the organization will continue without external support.

On the issue of cocoa smuggling, Mr. Aidoo disclosed that COCOBOD has formally requested military intervention from the Minister of Defence through the sector minister to tackle the issue.

An Anti-Cocoa Smuggling Programme will soon be launched, with support from COCOBOD, to curb the smuggling activities and protect the cocoa industry.

Mr. Aidoo also addressed the negative impact of illegal mining, or “galamsey,” on cocoa production. He underscored the urgent need for measures to combat these activities, which threaten the livelihood of cocoa farmers.

Some farmers at the meeting called on the government to raise the cocoa price to discourage smuggling and deter illegal mining activities in cocoa-growing areas.