By Savannah Pokuaah Duah
The Ghana National Cocoa Farmers Association (GNACOFA), has called on the Government of Ghana and the Ghana Cocoa Board (COCOBOD), to urgently revise the current cocoa pricing framework to reflect the recent shift in the national exchange rate from GHC 10.25 to USD 1 to the new rate of GHC 13.00 to USD 1.
In a press statement signed by the National President of GNACOFA, Issifu Issaka, the Association expressed deep concern that the existing producer price of cocoa does not accurately reflect the current market realities, especially given the depreciation of the cedi.
According to the Association, the current pricing, still pegged to the outdated exchange rate, which effectively reduces the real income of hardworking cocoa farmers, who are already burdened by rising input costs and inflation. “As cocoa farmers, we are deeply concerned that the existing producer price of cocoa does not accurately reflect the current market realities, especially given the depreciation of the cedi,” the statement read.
Issifu Issaka emphasized that fair compensation for cocoa farmers is crucial, saying, “Fair compensation for cocoa farmers is not just a moral imperative, but an economic necessity.” The Association has therefore called on COCOBOD and the Ministry of Finance to immediately review and adjust the producer price of cocoa to reflect the current exchange rate, establish a transparent pricing mechanism, and engage cocoa farmers and stakeholders in meaningful consultations on future pricing policies.
GNACOFA warned that if urgent steps are not taken to address this imbalance, cocoa production may decline if farmers lose motivation and the means to sustain their operations. “This is not just an economic issue, it is a matter of fairness and sustainability,” the President stressed. The Association stands ready to engage with the government and all relevant agencies to ensure a pricing structure that is fair, transparent, and responsive to the changing economic environment.
“We urge the government and COCOBOD to take immediate action to review and adjust the producer price of cocoa to reflect the current exchange rate,” the National President of GNACOFA said. “This is crucial to ensuring that cocoa farmers are fairly compensated for their hard work and contribution to the national economy.”
Full statement below:
