Increase cocoa price now-Minority to COCOBOD

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The Minority in Parliament has demanded that a new cocoa farm gate price be announced as soon as possible for the 2022–2023 growing season.

COCOBOD, the industry regulator for the cocoa industry, has obtained a $1.13 billion syndicated loan for the upcoming crop season, but has not yet changed the farm-gate price, which is currently set at GH660 for a 64 kg bag.

However, Ivory Coast increased the cost per kilogram by 9%.

Cassiel Ato Forson, the ranking member of the finance committee, pleaded with the government to raise the producer price to GHC 1000 per bag during a news conference today.

“Cocoa farmers are frustrated and are demanding higher cocoa prices right away.

The suspense must end, according to Mr. Forson.

He added that farmers were becoming increasingly concerned about the pricing concerns.

The government should not declare a price below GHS per bag, or GHS16,000 per metric tonne, in light of these uncertainties.

The present prices, Mr. Forson continued, were transferred using an outdated exchange rate.

“Even at the dollar equivalent price, farmers and all stakeholders, including the Licenced Buying Companies and hauliers, should receive greater prices and margins this year,” we would like to remind them. “The dollar is currently trading at more than GHS10 per dollar.”

The administration originally stated that the new pricing would be revealed the following week.

In Ghana, the farm gate price last raised in 2022, going from GHS515 to GHS660.

Following the $400 Living Income Differential on each tonne of cocoa, there was a historic 28% increase.

Source: Ghanatodayonline.com

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