Cocoa and not oil is our mainstay - Mahama

President John Dramani Mahama on Wednesday said contrary to the expectations of many, government will continue to invest heavily in agriculture especially cocoa.

This he said is because, cocoa remains the key foreign exchange earner for the Ghanaian economy, and not oil. "The contribution of oil to our national budget last year was only US$700million. Cocoa brought US$3billion into our economy. So cocoa is still the mainstay of our economy and we must put our money where our mouths are", the President noted.

He was addressing a delegation of cocoa farmers who called on him on Wednesday to thank him for what they said has been an unprecedented increase in the producer price of cocoa for the 2014/15 season.

"Every year we earn anything close to US$3billion on cocoa alone and yet people are more excited about oil. Ghana has discovered oil so our lives are going to change. Cocoa still affects our lives more than oil", Mr. Mahama said to loud applause from the cheering cocoa farmers.

Government last week announced a review of the producer price from Ghc3,392 to Ghc5,520 per tonne for the 2014/14 cocoa season. The increment represented a whooping 62.74% increase, and translates into Ghc345 per bag of 64kg of cocoa, and about 75% of the net FOB.

Government also announced a Ghc5 bonus per bag of 64kg, and which will be paid at the time of the sale, totaling Ghc350 per bag, to avoid the previous situation where some LBCs refuse to pay farmers their bonus entitlement.

President of the Cocoa, Coffee and Shea nut Farmers association, Alhaji Alhassan Bukari, said the farmers are grateful for the increase and the efforts to ensure that the LBCs stop cheating farmers. He noted that President Mahama and former President, John Evans Atta Mills, deserve special mention and thanks for their support, encouragement and interest in Ghanaian farmers.