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President Nana Akufo-Addo announced the increase in the price of the new cocoa producer by 28% to ¢ 10,560 per metric ton as of October 1 of this year.
Addressing the chiefs and people of Sefwi Wiawso, Nana Akufo-Addo stated that the increase represents an increase of more than 28% over the price obtained in the outgoing crop year of 2019/2020.
During the launch of the Cocoa Rehabilitation Program in Sefwi Wiawso on Thursday as part of Day 1 of his 3-day North West Region tour, he added that it is also the intention of the government to reward farmers for their work as part of he. Manifesto promise 2016.
“With this substantial increase in producer price, we are also delivering on our 2016 manifesto promise to generously reward the hard work of our cocoa farmers and their unmatched contribution to the Ghanaian economy over the years.”
According to him, the volatile nature of cocoa prices in the world cocoa market remains one of the biggest challenges.
With Ghana and Côte d’Ivoire responsible for 65% of the raw cocoa beans used in making chocolates, the president lamented the fact that the two countries’ cocoa producers only $ 6 billion from a chocolate industry of more of $ 100 billion.
This, he explained, is the poor return that hardworking farmers get from their work.
“The government believes that adding value to our cocoa and finding new markets will make us earn more money than all the aid provided by all donor countries. We will earn some dignity and spare donors the fatigue we have all heard about, ”he added.
This, according to President Akufo-Addo, is the foundation of the Strategic Partnership between the Ivory Coast and Ghana, the joint initiative of His Excellency President Alassane Ouattara of the Ivory Coast and himself, which manifests itself in a joint cocoa production . and marketing policy, and that is already paying off.
“Today, I am pleased to announce that Ghana and Côte d’Ivoire are receiving a Digital Income Differential (LID) of $ 400 per tonne of cocoa, which is an additional gain from the world market price for our farmers. The Living Income Differential will guarantee some stability in the price of cocoa production and the sustainability of the industry in Ghana and Ivory Coast, ”said the president.
