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Ghana Fails To Announce New Farmgate Price For Cocoa

The government of Ghana has failed to announce a much-anticipated cocoa farmgate price for the 2022/23 cocoa season commencing October 1, 2022.

The Deputy Minister of Agriculture, Yaw Frimpong Addo, addressing a rally of cocoa farmers and other value chain actors at Suhum in the Eastern Region, regretted the government’s Producer Price Review Committee had yet to agree on a new price for the season.

He, however, assured the committee is working frantically to conclude a price that will be acceptable to all stakeholders and announced early next week.

Cocoa farmers attending the rally reacted angrily amidst jeers to register their disappointment.

“We are highly disappointed. We attended the rally in expectation of the new farmgate price. The government must do well to announce a price that will motivate us to continue with our work,” said Bernard Kwame Baah, a cocoa farmer from Akyem Sekyere.

“In fact, I am unhappy at the turn of events. But we have been assured of a new producer price come next week. We will wait for it,” said Agnes Anarkwah, a cocoa farmer from Ntunkum in the Suhum District.

Ghana last increased its farmgate price from GHS515 in 2019 to GHS660 in 2020, a historic 28% hike, on the back of the implementation of the $400-per-tonne Living Income Differential, a price mechanism to eliminate farmer poverty.

Meanwhile, Ghana’s neighbour Ivory Coast yesterday raised its cocoa producer price by 9% from 825CFA to 900CFA ($1.33) per kilogram.

Source Cocoa Post
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