In response to what they deem as a severe disparity between international cocoa market prices and the compensation received by Ghanaian cocoa farmers, the Minority in Parliament has issued a stern press statement demanding urgent action from the government.
The Minority’s concerns stem from the recent surge in world market cocoa prices, which have reached an unprecedented high of approximately US$10,000 per ton, equivalent to GH¢130,000 at the current exchange rate.
With international buyers willing to pay GH¢8,125 per bag, the Minority highlights that Ghana’s announced producer price of GH¢33,120 per ton, or GH¢2,070 per bag, falls significantly short, constituting a mere 25.47% of the global market value.
Expressing disappointment and frustration, the Minority emphasizes that this disparity contradicts President Akufo-Addo’s prior commitment to ensuring Ghanaian cocoa farmers receive at least 70% of the international market price. They accuse the government of failing to uphold its promise and condemn what they perceive as exploitation and neglect of the nation’s cocoa farmers.
Moreover, the Minority highlights the significant decline in Ghana’s cocoa output, which has plummeted from 969,000 metric tons in 2016 to a meager 450,000 metric tons in 2024. Against this backdrop, they argue that it is imperative for the government to provide fair compensation to mitigate the losses suffered by cocoa farmers.
The Minority outlines their stance, stating that any increase in the farm-gate price of cocoa below 60% of the prevailing international market price is unacceptable. They specifically highlight that any increment below GH¢5,000 per bag would be considered grossly unfair.
In response to their grievances, the Minority pledges to take action, announcing plans to summon the Minister for Agriculture before Parliament to address what they term as “broad daylight robbery” against cocoa farmers. Additionally, they intend to engage with cocoa farmers and other stakeholders to discuss the future of Ghana’s cocoa industry.
The press statement was signed by Eric Opoku, Member of Parliament for Asunafo South and Ranking Member on the Parliamentary Select Committee on Food, Agriculture & Cocoa Affairs, representing the voice of the Minority in Parliament.
