The Minority in Parliament has acknowledged recent shifts in the international cocoa market, particularly regarding price fluctuations.

In a press statement signed by Ranking Member on the Parliamentary Select Committee on Food, Agriculture and Cocoa Affairs, Eric Opoku, the Minority highlighted that global cocoa prices have surged, reaching an unprecedented peak of $10,000 per ton.

The Minority stated that the surge in cocoa prices on the world market, primarily stem from a substantial decrease in cocoa output in Ghana and Cote d'Ivoire.

“The NDC is deeply concerned about the sharp decline in Ghana’s cocoa production volumes under the Akufo-Addo/Bawumia NPP government. This situation is set to get even worse, as Ghana's cocoa production for the 2023–2024 crop season is reported to be about 450,000 metric tons, the lowest in the past two decades.

"This sad situation is fast eroding the incomes and purchasing power of our already-impoverished cocoa farmers. As a matter of fact, the living conditions of Ghanaian cocoa farmers keep worsening by the day due to the sharp decline in cocoa output.”

The Minority emphasised that unless there is a substantial increase in the farm-gate price of cocoa to offset the income decline experienced by farmers, the negative trend will continue.

The statement further said that the average international market price of cocoa is currently $10,000 per ton (equivalent to approximately GH₵130,000 per ton, based on a conservative exchange rate of $1 to GH₵13).

“This means that a bag of cocoa is currently being sold on the world market at about GH₵8,125, while the Ghanaian farmer is being paid a paltry GH₵1,308 by the insensitive and corrupt Akufo-Addo/Bawumia/NPP government.

This is a clear rip-off of our hard-working cocoa farmers by the Akufo-Addo/Bawumia NPP government, who continue to mismanage the cocoa sector."