A File Photo
In a shocking U-turn, Minister for Finance, Cassiel Ato Forson has revealed that the government cannot increase the cocoa price, contrary to the National Democratic Congress’s (NDC) campaign promise.
This admission was made at the National Economic Forum in Accra, where Ato Forson stated, “Prices and differentials are what aids smuggling… the large gap between market price and farmers’ payment encourage smuggling and threaten long-term sustainability.”
However, speaking at the Forum, Ato Forson revealed that the government is unable to offer the promised price due to significant losses incurred from cocoa contracts.
“For every ton of cocoa delivered this year, the Ghana Cocoa Board and the Ghanaian farmer would lose $4,000 per tone in revenue,” he explained.
Ato Forson attributed the losses to the large gap between market prices and farmers’ payments, which encourages smuggling and threatens long-term sustainability.
He also highlighted the significant debt owed by the Ghana Cocoa Board, totaling GHC 32.5 billion, with GHC 9.7 billion due to be paid by the end of September 2025.
“For every tone of cocoa delivered this year, Ghana Cocoa Board and the Ghanaian farmer would lose four thousand dollars per ton in revenue… this is what is actually leading to the smuggling of cocoa beans to our neighboring countries,” he said.
This revelation comes after the NDC promised to increase the cocoa price during their campaign for the 2024 general elections.
In fact, Minister for Food and Agriculture Eric Opoku had announced that the government would offer cocoa farmers 70% of the world market price for their produce, exceeding the initially proposed 60%.
However, Ato Forson’s statement suggests that the government is reneging on this promise.
In January, Ato Forson expressed his passion for cocoa and emphasized the need for fair prices for cocoa farmers. “I have said cocoa farmers deserve to be paid fairly, and I am not running away from that,” he stated.
However, his recent admission raises concerns about the government’s commitment to supporting cocoa farmers.
The Minority NPP Caucus in Parliament recently called on the government to increase the producer price of cocoa, citing the NDC’s campaign promises.
Dr. Isaac Yaw Opoku, MP for Offinso South, urged the government to honor its pledge and pay farmers the promised 70% of the world market price.
-BY Daniel Bampoe
