The Minority in Parliament says government’s 21 per cent increase in the producer price for cocoa is not enough.

The Caucus believes that is not reflective of the hardships faced by the farmers.

Ranking Member on the Finance Committee, Dr Cassiel Ato Forson said the increment does not correspond with that percentage of the Cedi depreciation.

According to him, cocoa farmers in Ghana’s neighbouring country, Ivory Coast, are better off.

“That is way too small. We know in times like this, the person who should benefit most is the one whose currency has depreciated the most. Ghana’s currency has depreciated more than that of the Ivory Coast,” he stated in an interview with Citi FM on Wednesday, October 5.

The government has increased the producer price for cocoa beans by 21% to ¢800 for the 2022/2023 cocoa crop season.

This is lower compared to the Ivory Coast which pegged its price at about, ¢858 for the same season.

Prior to the announcement, a bag of cocoa was selling for ¢660 a bag in Ghana.

The new pricing regime will take effect from tomorrow [Friday, October 7].

Speaking at a press briefing, Minister for Agriculture, Dr Owusu Afriyie Akoto said the Cedi depreciation against the dollar prevented the government from increasing the figure beyond 21%.

However, Dr. Akoto said the 21% increment is a testament to the government’s resolve to ensure farmers earn a decent income and make cocoa farming lucrative.

“We are all aware of the depreciation of the Cedi this year. This means the government will have to take some cut,” he said.

“We are pleased to announce that the government has increased the producer price of cocoa by 21% from ¢10,560 per tonne to ¢12,800.00 per tonne.

"The producer price represents 89.99% of the net FOB value. This figure translates into ¢800 per bag of 64 kg. gross weight and takes effect from Friday, October 7, 2022”, he added.