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The government will provide cocoa producers 70% of the global market price for their produce, up from the 60% that was first suggested, according to announcements made by Eric Opoku, Minister of Food and Agriculture.
Motivating farmers, boosting output, and solidifying Ghana’s standing as the world’s second-largest cocoa producer are the goals of this decision.
The news comes after the Minister emphasized in his prior statements in Parliament the importance of providing incentives to cocoa producers in order to boost production and boost the national economy.
Mr. Opoku reaffirmed the government’s resolve to revitalize the industry in a Facebook post on Saturday, specifically in reaction to the decreasing output of cocoa processing.
“Since 2023, CPC’s production has been on a downward trend. Despite having a processing capacity of 64,500 tonnes, the company produced only 6,614 tonnes in 2023 and 2,886 tonnes in 2024. This decline is largely due to reduced cocoa bean production, which has affected supply to the processing company,” he stated.
“To address this challenge, I announced the government’s decision to exceed the initial 60% proposal and offer cocoa farmers 70% of the world market price. This increase is intended to motivate farmers, boost production, and further cement Ghana’s standing as the world’s second-largest producer of cocoa.”
Ghana is one of the world’s top producers, but because of a lack of processing equipment, it mostly exports raw cocoa beans, which has raised worries about lost revenue.
The Minister gave stakeholders the assurance that the government is working to improve the value chain and increase cocoa production profits.
It is anticipated that this most recent move will give farmers much-needed relief and support the cocoa industry’s sustainable growth in Ghana.
Source: Ghanatodayonline.com
