Minority in Parliament calls for immediate increase in Cocoa Farm-Gate price amidst global soaring prices

In a fervent call to action, the Minority in Parliament, led by Eric Opoku, MP, the Ranking Member on the Parliamentary Select Committee on Food, Agric & Cocoa Affairs, has demanded an urgent increase in the farm-gate price of cocoa.

This demand comes in response to the unprecedented surge in global cocoa prices, which have reached a staggering $10,000 USD per ton.

The Minority, highlights the alarming decline in cocoa production in Ghana, a country that, alongside Cote D’Ivoire, contributes approximately 70 percent of the world’s cocoa output. Citing figures indicating Ghana’s cocoa production for the 2023/2024 crop season as the lowest in two decades, the Minority warns of dire consequences for the already impoverished cocoa farmers.

With the international market price of cocoa standing at $10,000 USD per ton, equivalent to GHS130,000 per ton, the Minority accuses the Akufo-Addo/Bawumia-led government of exploiting farmers by paying a mere GHS1,308 per ton.

 This vast discrepancy between international prices and farmer earnings is deemed a clear indication of governmental neglect and exploitation.

Moreover, the Minority raises concerns over the rampant smuggling of cocoa due to uncompetitive prices offered to farmers, leading to significant losses for the Ghanaian economy. Allegations of mismanagement within the Ghana Cocoa Board (COCOBOD) further compound the crisis, with reports of extravagant expenditures, including the purchase of iPad keyboards for board members at exorbitant prices.

Eric Opoku, speaking on behalf of the Minority Caucus, emphasizes the urgency of the situation, warning of the imminent collapse of the cocoa industry if decisive action is not taken.

The demand for an immediate increase in the farm-gate price of cocoa is seen as a crucial step towards revitalizing the sector and safeguarding the livelihoods of Ghanaian cocoa farmers.

As the debate intensifies within Parliament, attention is drawn to the broader implications of the cocoa crisis, not only for the economy, but also for the social fabric of Ghana.

 The coming days are expected to witness heated discussions as stakeholders grapple with finding viable solutions to address the pressing challenges facing the cocoa sector.

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