COCOBOD denies increase in cocoa price

The Ghana Cocoa Board (COCOBOD) has refuted claims that Ghana is set to increase cocoa farmers' earnings to 70% of the global price.

According to COCOBOD, the report circulating on social media is false and misleading.

In a Facebook post, it stated, “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,” it added.

The clarification comes at a critical time when cocoa farmers and industry players are closely monitoring potential price adjustments amid global market fluctuations.

Earlier, it was reported that the Minister for Food and Agriculture, Eric Opoku, reaffirmed the government’s commitment to ensuring competitive prices for cocoa farmers.

The minister announced that the government would introduce an initiative aimed at incentivizing increased cocoa production amid declining output at the Cocoa Processing Company (CPC).

According to reports, the minister made this announcement while speaking on the floor of Parliament on Friday, February 14, 2025.

Cocoa farmers have long called for an increase in the price of the commodity.

Apart from pricing issues, high production costs and climate-related risks are some of the challenges faced by cocoa farmers.

The call for an increase in cocoa prices is aimed at encouraging farmers to boost production.

SA/MA

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