World market price of cocoa at all-time high but government paying farmers pittance – NDC

The main opposition National Democratic Congress (NDC) has accused the government of exploiting cocoa farmers by underpricing their produce across the country.

According to the NDC, cocoa is currently fetching $3,600 per bag on the international market.

However, the government is only paying Ghanaian farmers GHS 1,308.00 per bag, which the NDC argues is unfair.

The government has announced a new cocoa price at the start of the 2023/2024 cocoa season.

The price per bag has been increased from GH¢800.00 to GH¢1,308.00, and the price per ton has risen from GH¢12,800.00 to GH¢20,943.00.

This represents a substantial 63.5 percent increase over the previous price.

The NDC contends that this price adjustment is inadequate and constitutes a form of exploitation against the hardworking cocoa farmers.

Mr Eric Opoku, the Ranking Member on the Food and Beverages Committee of Parliament, expressed his concerns about the government's offer during an interview on The Citizens Show on Accra 100.5 FM, hosted by Nana Ama Agyarko on September 14, 2023.

Mr Opoku pointed out that there is a shortage of cocoa on the international market, a fact acknowledged by the International Cocoa Organization (ICO).

This scarcity has driven up demand for cocoa to an all-time high. He further explained that such a significant price surge has not been seen since 1970, primarily due to production shortages in premium cocoa from Ghana and Ivory Coast.

Under normal circumstances, Mr Opoku argued, cocoa farmers should be benefiting greatly from the high cocoa prices caused by the global shortage.

However, he believes that the government's actions are unjust, as it is offering farmers a meagre sum while profiting immensely from the unprecedented cocoa prices.

This situation, according to Mr Opoku, is a clear case of the government taking advantage of ordinary farmers at the expense of their well-deserved earnings.