Cocoa farmers across Ghana are expressing frustration following the recent announcement of new farmgate prices for cocoa beans by the Ghana Cocoa Board (COCOBOD). The COCOBOD announced a significant 58.26% increase, setting the price at GH¢33,120 cedis per ton for the 2023/2024 crop season. This decision was aimed at distributing the benefits of soaring global cocoa prices and discouraging cocoa bean smuggling.
However, the Ghana National Cocoa Farmers Association has strongly opposed the increase, deeming it inadequate. President of the association, Stephenson Anane Boateng, asserted that cocoa farmers are being unfairly treated. Boateng highlighted that global cocoa prices have surged to $10,000 per metric ton, which, when converted to local currency, exceeds GH¢9,000. He emphasized the disparity between the amount received by cocoa farmers (GH¢600) and COCOBOD (GH¢7,000), labelling it as insulting.
Boateng emphasized the various expenses incurred by cocoa farmers, including labour costs, input purchases, and personal remuneration. He questioned the justification for COCOBOD receiving a significantly larger portion of the proceeds, considering the efforts and investments made by cocoa farmers.
