Dr. Bryan Acheampong, Minister for Food and Agriculture, has discounted claims that the Ghana Cocoa Board (COCOBOD) is in financial difficulties and revealed the new cocoa producer price for the 2024/2025 season.
Addressing concerns about COCOBOD’s financial health at a press conference yesterday, Dr. Acheampong firmly rejected any suggestions that the board is facing monetary issues.
According to him, claims that COCOBOD lacks the funds capacity to purchase cocoa are unfounded, stressing that the board is financially sound and well-positioned to support the purchase and trade of cocoa crops.
He told journalists, “I’m not too sure why you said COCOBOD has no money. It is a wrong impression. It should never be put out there. COCOBOD is well positioned to buy its crops from its farmers and trade same. So nowhere has government reported or COCOBOD mentioned that it has no money to buy cocoa.”
Dr. Acheampong reaffirmed that the board’s financial stability is robust, countering any misinformation about its ability to finance cocoa purchases for the new season.
New Producer PriceÂ
The new price has been pegged at GH¢48,000 per ton, translating to GH¢3,000 per 64kg bag, representing a 129.36% rise from the previous season’s price of GH¢20,928 per tonne (GH¢1,308 per 64kg bag).
Dr. Acheampong noted that earlier this season, the price had been adjusted from GH¢1,300 to GH¢2,070 per 64-kg bag.
The latest price increase he said reflects the government’s ongoing commitment to improving the livelihoods of cocoa farmers and sustaining the cocoa sector.
The new producer prices, margins, rates and fees will take effect immediately from Wednesday, September 11, 2024 marking the official opening of the 2024/2025 cocoa season.
Dr. Acheampong underscored the significance of this price adjustment, stating that it highlights the government’s dedication to supporting the cocoa industry and ensuring that farmers receive fair compensation for their produce.
Furthermore, the increase also aligns with President Nana Addo Dankwa Akufo-Addo’s vision of maintaining a resilient and sustainable cocoa sector for future generations.
