Cocoa farmers have welcomed the government’s decision to increase the cocoa producer price by 28%.

Speaking on Newsnight on Joy FM, the Chairman of the Ghana National Cocoa Farmers Association (GNCOFA) stated that although this was not the amount they had expected, the increase is better than nothing.

“We were expecting it to be about ¢1000 cedis per bag but we like it and we are much appreciative of what he [the President] has done,” Mr Stephenson Anane Boateng said.

He told host, Emefa Apawu that the money they had expected was in consideration of their welfare and pension schemes. However, they believe the recent increase is a step towards their intended target.

“Last year he [the President] did a little and this year too so gradually it is going up. So we like it,” he added.

Ghana cocoa will now be sold at ¢660 per bag (64kg) for 2020/2021 crop season from the GH¢514 last season.

This price increase has sent the price for a tonne of cocoa from ¢8,240 to ¢10,560 cedis. 

Making the announcement, President Akufo-Addo stated that the increase is the government’s efforts keep up with Ghana’s commitment under the international arrangement with Cote D’Ivoire to set a fixed Living Income Differential of $400 per tonne of cocoa to relieve farmers of poverty.

Living Income Differential ensures that the practical increase of the price is paid to farmers.

Speaking at a gathering at Sefwi-Wiawso, in the Western North Region on Thursday, the President added that it is also the government's intention to reward farmers for their work.

He said that “by this substantial increase in the producer price we are also delivering on our promise to reward handsomely the hard work of our cocoa farmers, and their contribution to Ghana’s economy over the decade”.

President Akufo-Addo stated that the increase will take effect on Thursday, October 1.

He reiterated government’s commitment to ensure that the industry receives the needed attention and obtains its fair share of the national cake.