• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Agribusiness

Cocoa: Minority describes 58% increase in farm-gate price as a ‘rip-off’, says a ton should be GHS 130k not GHS 33k

1 year ago
in Agribusiness, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
95
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Cocoa: Minority describes 58% increase in farm-gate price as a ‘rip-off’, says a ton should be GHS 130k not GHS 33k

The Minority Caucus in Parliament in a statement signed by Mr Eric Opoku, the Ranking Member of the Parliamentary Select Committee on Food, Agriculture & Cocoa Affairs, has said the Government has short-changed cocoa farmers with the 58% increment in farm-gate prices for cocoa beans.

According to the Minority, the 58% increment constitutes a paltry 25.47% of the world market price of cocoa.

“It is sad to note that the newly announced producer price of GH¢33,120 per tonne, which translates into GH¢2,070 per bag, constitutes a paltry 25.47% of the world market price of cocoa”.

“We wish to reiterate that this is a rip-off of our hard-working cocoa farmers, as it constitutes the lowest percentage of the international market price of cocoa ever given to Ghanaian cocoa farmers as a farm-gate price in the history of this country.”

“The farm-gate price increment contradicts an earlier pledge by President Akufo-Addo to give Ghanaian cocoa farmers a farm-gate price constituting a minimum of 70% of the international market price,” read parts of the statement issued by the Minority Caucus.

The Minority Caucus is of the view that cocoa farmers should be earning GH¢8,125 per bag of cocoa or GHS 130,000 per ton of cocoa given the new price surge on the international market.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The government raised the farm-gate price of cocoa by 58.26% to GH¢33,120 per tonne for the 2023/2024 crop season, effective April 5, 2024.

The decision aims to distribute profits from escalating global prices and combat bean smuggling.

Cocoa prices have surged more than threefold in the past year due to disease and adverse weather in Ghana and neighbouring Côte d’Ivoire, leading to a third consecutive global market deficit.

Read the caucus’ full statement below:

RE: REVIEW OF THE PRODUCER PRICE OF COCOA FOR THE 2023/24 COCOA SEASON

On Tuesday, 2nd April 2024, the Minority in Parliament issued a press statement demanding an immediate increase in the producer price of cocoa to ameliorate the plight of Ghanaian cocoa farmers.

This demand was predicated on the recent surge in the world market price of cocoa to an all-time high of an average US$10,000 per tonne, which is equivalent to GH¢130,000, at a conservative exchange rate of US$1 to GH¢13.

This amount translates into GH¢8,125 per bag of cocoa on the international market.

It is sad to note that the newly announced producer price of GH¢33,120 per tonne, which translates into GH¢2,070 per bag, constitutes a paltry 25.47% of the world market price of cocoa.

Once again, we wish to reiterate that this is a rip-off of our hard-working cocoa farmers, as it constitutes the lowest percentage of the international market price of cocoa ever given to Ghanaian cocoa farmers as a farm-gate price in the history of this country.

The current increase in the producer price of cocoa, which constitutes a trifling 25.47% of the international market price, contradicts an earlier pledge by President Akufo-Addo to give Ghanaian cocoa farmers a farm-gate price constituting a minimum of 70% of the international market price.

The Minority is appalled by the continuous swindling of Ghanaian cocoa farmers by the insensitive and corrupt Akufo-Addo/Bawumia government.

Never in the history of our country has any government short-changed our gallant cocoa farmers this way.

At a time when our national cocoa output has sharply declined from 969,000mt in 2016 to a paltry 450,000mt in 2024, the least expected of the AkufoAddo/Bawumia government is to give our already-impoverished cocoa farmers a fair increment in the farm-gate price of cocoa to compensate for the huge losses they have recorded in their incomes.

We hold the view that any increase in the farm-gate price of cocoa below 60% of the prevailing international market price is a monumental rip-off of our suffering cocoa farmers.

In other words, any increment in the farm-gate price of cocoa below GH¢5,000 per bag is grossly unfair and unacceptable.

The Minority wishes to serve notice that we shall haul the Minister for Agriculture before Parliament to answer for this broad daylight robbery perpetrated against our gallant cocoa farmers.

In the coming days, the Minority shall hold a series of engagements with cocoa farmers and other industry players on the way forward for Ghana’s dying cocoa industry.

SIGNED.

ERIC OPOKU (MP)

(Ranking Member on the Parliamentary Select Committee on Food, Agric & Cocoa Affairs and Member of Parliament for Asunafo South)

Tags: CocoaCocoa: Minority describes 58% increase in farm-gate price as a 'rip-off'says a ton of cocoa should be GHS 130k not GHS 33k
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.