The Head of Public Affairs at the Ghana Cocoa Board (COCOBOD), Jerome Sam, has disclosed that the new cocoa price will surpass the rate set by Côte d’Ivoire.
According to him, once the board is inaugurated, the primary concern of cocoa farmers, which is the increment in cocoa prices, will be addressed.
Currently, the producer price is set at GH¢3,100 per 64kg bag, marking a marginal increase of 0.03% compared to the previous rate announced in September for the 2024/2025 crop season.
The adjustment, which equates to GH¢49,600 per tonne, is aimed at aligning cocoa prices with prevailing market conditions and providing much-needed support to Ghanaian cocoa farmers.
Speaking to Citi Business News, Jerome Sam said; “If we are to stick to Côte d’Ivoire’s price as the benchmark, whatever price Côte d’Ivoire sets, we are going to give more than that. The board is yet to be inaugurated. When the board is formed, these issues will be tabled, but at least we have an idea of where to peg the price, and we will not set it lower than Côte d’Ivoire.”
However, he noted that COCOBOD will lose about US$1.4 billion in servicing 333,767 metric tonnes of cocoa.
The Head of Public Affairs at COCOBOD also attributed this loss to the inability of the previous administration to fulfill the terms of its contract.
“By the time we are done servicing 333,767 metric tonnes of cocoa, COCOBOD and the Ghanaian farmer will lose a whopping amount of about US$1.4 billion due to inefficiency and the previous COCOBOD administration’s inability to fulfill those contracts.
“At that time, we didn’t know. But notwithstanding, the CEO said this is not a justification to tell the Ghanaian farmer that because of ‘A, B, C, D,’ we will not announce a new price. No, if we want productivity to increase, we must find a way to motivate the farmer,” Sam added.
This guarantee aligns with growing market anticipation for a fair farmgate price, fueled by increasing global cocoa prices and Ghana’s dedication to securing improved earnings for its farmers.
SA/AE
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