The Ghana Cocoa Board (COCOBOD) has reassured cocoa farmers of an impending price increase, promising a higher price per bag than that offered by neighboring Côte d’Ivoire. This announcement comes against a backdrop of escalating global cocoa prices and persistent demands from farmers for improved earnings. COCOBOD acknowledges the current financial and operational hurdles it faces, yet remains steadfast in its commitment to ensuring better returns for Ghanaian cocoa cultivators. The anticipated price adjustment is aimed at motivating farmers and boosting productivity, reinforcing COCOBOD’s dedication to supporting the backbone of Ghana’s cocoa industry.
The current cocoa price in Ghana is GH₵3,100 per 64kg bag. In contrast, Côte d’Ivoire recently announced its mid-crop price at 2,200 CFA francs, equivalent to $3.62 per kilogram. While acknowledging Côte d’Ivoire’s price as a benchmark, COCOBOD emphasizes its intention to surpass it, assuring Ghanaian farmers of a more favorable price. This commitment to exceeding the Ivorian price point underscores COCOBOD’s recognition of the importance of incentivizing farmers and ensuring their livelihoods are adequately supported.
COCOBOD’s Head of Public Affairs, Jerome Sam, confirmed the impending price increase, highlighting the organization’s dedication to enhancing farmer incomes. He stressed that despite significant financial losses incurred due to the previous administration’s inefficiencies, COCOBOD remains resolute in its commitment to rewarding farmers appropriately. The losses, estimated at a staggering $1.4 billion stemming from unfulfilled contracts for 333,767 metric tonnes of cocoa, serve as a stark reminder of past challenges. However, Mr. Sam emphasized that these past setbacks will not deter COCOBOD from fulfilling its obligation to announce a new and improved price for cocoa.
Mr. Sam’s statement underscores a crucial aspect of COCOBOD’s strategy: recognizing the direct link between farmer motivation and increased productivity. By offering a competitive price, COCOBOD seeks to encourage higher output and maintain Ghana’s position as a leading cocoa producer. The promise of a price exceeding that offered by Côte d’Ivoire is not merely a gesture of goodwill but a strategic move to stimulate the cocoa sector and ensure its continued growth and prosperity.
The final price determination awaits the inauguration of the COCOBOD Board, where the issue will be formally tabled and discussed. However, internal discussions and preliminary assessments have already provided a general framework for the price adjustment, indicating a clear direction towards a substantial increase. This proactive approach signals COCOBOD’s commitment to transparency and its dedication to ensuring farmer representation in crucial decision-making processes.
In essence, COCOBOD’s assurance of a higher cocoa price than Côte d’Ivoire signifies a multifaceted approach to bolstering Ghana’s cocoa industry. It recognizes the need to address past shortcomings, prioritize farmer welfare, and incentivize increased productivity. By promising a competitive price, COCOBOD aims to empower farmers, ensure their livelihoods, and reinforce Ghana’s standing in the global cocoa market. This commitment to a fair and motivating price structure signals a positive step towards a more sustainable and prosperous future for Ghanaian cocoa farmers and the industry as a whole.
