President Nana Akufo-Addo has announced the increment of new Cocoa producer price by 28% to ¢10,560 per metric ton starting from October 1, this year.

Addressing the Chiefs and the people of Sefwi Wiawso, Nana Akufo-Addo stated that the increment represents a hike of more than 28% over the price obtained in the outgoing crop year of 2019/2020.

During the launch of the Cocoa Rehabilitation Programme, in Sefwi Wiawso on Thursday as part of day 1 of his 3-day tour of the Western North Region, he added that it is also the government’s intention to reward farmers for their work as part of it 2016 manifesto promise.

“By this substantial increase in the producer price, we are also delivering on our 2016 manifesto promise to reward handsomely the hard work of our cocoa farmers and their unequalled contribution to the economy of Ghana over the years”.

According to him, the unstable nature of cocoa prices on the world cocoa market remains one of the biggest challenges

With Ghana and Cote d’Ivoire responsible for 65% of the raw cocoa beans used in making chocolates, the President bemoaned the fact that cocoa farmers from the two countries just US$6 billion from an over $100 billion chocolate industry.

This, he explained, is the meagre return that hardworking farmers get from their toil.

“Government believes that value-addition to our cocoa, and the search for new markets, will make us more money than all the aid given to us by all the donor countries. We shall gain some dignity, and spare the donors the fatigue we have all heard about,” he added.

This, according to President Akufo-Addo, is the rationale for the Strategic Partnership between Cote d’Ivoire and Ghana, the common initiative of His Excellency President Alassane Ouattara of Cote d’Ivoire and himself, which is manifesting itself in a joint cocoa production and marketing policy, and which is already paying dividends.

“Today, I am happy to announce that Ghana and Cote d’Ivoire are receiving a Living Income Differential (LID) of $400 per ton of cocoa, which is an additional earning from the world market price for our farmers. The Living Income Differential is going to guarantee some stability to the producer price of cocoa and sustainability of the industry in Ghana and Cote d’Ivoire,” the President said.