Issifu Issaka, President of the Ghana Cooperative Cocoa Farmers and Marketing Association, has called for a revision of the cocoa price to between 7,000 and 8,000 Ghana cedis per 64kg bag.
This marks an increase from the 6,000 cedis per bag that farmers had been advocating for throughout much of 2024.
In an interview on ABC in the Morning, Issaka explained that this new price range is a fair reflection of what is due to farmers, as it accounts for at least 70% of the international market price, where cocoa is currently selling for $11,000 per metric tonne.
“Cocoa is trading around 11,000 dollars per metric tonnes. So if you say cocoa farmers should receive a fair price at least 70% of this 11,000 dollars will let us achieve a fare price. 70% now is a round GH8000,” he said.
He emphasized that this adjustment is crucial for ensuring farmers receive a fair price for their produce.
Issaka also urged Ghanaians to support Finance Minister-designate, Dr. Cassiel Ato Forson, in implementing the new cocoa pricing policy promised by the John Mahama administration.
He believes that such a policy would help secure a better future for cocoa farmers and the cocoa sector as a whole.
Additionally, Issaka has called for a review of COCOBOD’s role as the sole marketer of cocoa in Ghana.
He argued that the long-standing practice has negatively impacted the livelihoods of cocoa farmers and hindered the growth of the sector. He believes that reforming COCOBOD’s structure is vital for improving the industry’s sustainability.
