President Nana Akufo-Addo announced a 28 percent increase in the price of new cocoa producers to ~10,560 per metric ton starting on October 1 this year.
Nana Akufo-Addo stated, addressing the Chiefs and the people of Sefwi Wiawso, that the increase represents a rise of more than 28 percent over the price obtained in the 2019/2020 outgoing crop year.
During the launch of the Cocoa Rehabilitation Program on Thursday in Sefwi Wiawso as part of day 1 of his three-day tour of the Western North Region, he added that as part of the 2016 manifesto pledge, the government also aims to reward farmers for their work.
“We are also delivering on our 2016 manifesto pledge to wonderfully honor the hard work of our cocoa farmers and their unequaled commitment over the years to Ghana’s economy with this major rise in the producer price.”
According to him, one of the greatest problems remains the unpredictable value of cocoa prices in the world cocoa industry.
With Ghana and Cote d’Ivoire responsible for 65 percent of the raw cocoa beans used to make chocolates, the President lamented the fact that from a chocolate industry of over $100 billion, cocoa farmers from both countries were just US$ 6 billion.
This is the meager return, he explained, that hard-working farmers get from their toil.
The government claims that adding value to our cocoa and looking for new markets would allow us more money than all the assistance that all the donor countries have provided us. We’re going to gain some dignity and spare the donors the exhaustion we’ve all heard of,’ he added.
According to President Akufo-Addo, this is the basis for the Strategic Alliance between Côte d’Ivoire and Ghana, a collaborative venture between His Excellency President Alassane Ouattara of Côte d’Ivoire and himself, a collaborative cocoa production and marketing strategy that is now paying dividends.
I am delighted to announce today that Ghana and Cote d’Ivoire are earning a $400 Living Income Difference (LID) per ton of cocoa, which is an extra $400 per ton of cocoa.
Earning for our producers at the world market profit. The Living Income Difference would guarantee some stability in Ghana and Cote d’Ivoire for the producer price of cocoa and the industry’s sustainability,’ said the President.