Government rejects proposed cocoa price cut, despite global market downturn
Cocoa farmers will not face another potential loss in income, as the government has decided not to reduce the producer price, despite a decline in international cocoa prices. Jerome Sam, the Head of Public Affairs at Cocobod, stated that this decision was primarily influenced by concerns for the welfare and livelihoods of farmers who have already faced significant challenges over the past year.
During an appearance on Joy News’ PM Express on Monday, Mr. Sam explained that price announcements during the cocoa season adhere to a long-established practice. He noted that an official producer price is announced at the beginning of the season, with another typically made during the light-crop season. Under Ghana’s pricing system, the producer price announced at the start of the season usually remains constant throughout the period.
“This is a conventional approach, and it has been the practice for quite some time,” he said. Mr. Sam acknowledged that the current season has been unusual. He explained that events that began last year and extended into this year necessitated a price review in February, sparking widespread debate within the sector.
“It is quite unfortunate that something happened this year,” he remarked, adding that the government and Cocobod had to intervene to protect an industry that plays a significant role in Ghana’s economy. economy. economy.
