Cocoa Producer Price has been increased from GH¢48,000 to GH¢49,600, President Nana Addo Dankwa Akufo-Addo has announced.
This translates to an increase from GH¢3,000 to GH¢3,100 per bag.
The President revealed this at the 40th National Farmer’s Day Celebration on Friday, November 8, 2024, to underscore the government’s commitment to boosting the livelihoods of cocoa farmers and reflect the government’s dedication to ensuring farmers benefit from evolving market conditions.
“Our farmers are the backbone of our economy, and they deserve a fair reward for their hard work,” President Akufo-Addo remarked adding “This price increase represents my commitment to ensuring that, as market conditions evolve, our farmers see their incomes periodically reviewed and strengthened.”
As one of the world’s largest cocoa producers, Ghana relies heavily on cocoa exports for national revenue. However, global cocoa prices can fluctuate significantly, often impacting farmers who rely on stable income from their cocoa yields.
By periodically reviewing the producer price, the government seeks to cushion farmers against market volatility and improve their financial stability.
With this latest increase, the President aims to provide cocoa farmers with a more secure income and an added incentive to continue cultivating Ghana’s most valuable cash crop.
This price adjustment is also expected to positively impact cocoa-growing communities, providing more resources for families and fostering economic growth in rural areas.
In addition to the producer price increase, President Akufo-Addo announced a significant expansion of the Cocoa Scholarship Scheme which for years has been managed by COCOBOD.
The scheme provided financial support for the children of cocoa farmers, covering their education expenses. However, with the implementation of the Free Senior High School (SHS) policy, the scholarship’s focus has evolved, as secondary education is now free for all Ghanaian students.
Recognizing the changing landscape, President Akufo-Addo directed COCOBOD to expand the scholarship scheme to cover tertiary education for the children of cocoa farmers.
This means that every child of a registered cocoa farmer in Ghana will now qualify for fully-funded tertiary education through the Cocoa Scholarship Scheme.
“With the Cocoa Management System in place, we can ensure that this benefit reaches the families for whom it is intended,” the President explained, underscoring the importance of the scheme in uplifting families and strengthening Ghana’s commitment to accessible, quality education.
President Akufo-Addo emphasized the potential impact of this policy, stating, “We are not only supporting today’s cocoa farmers but investing in the future of Ghana’s economy by ensuring their children receive a quality education and access to the best opportunities.”
The Cocoa Management System (CMS), a digital platform introduced by COCOBOD, will be instrumental in implementing this expanded scholarship programme.
The CMS was designed to register all cocoa farmers and maintain a comprehensive database to improve transparency and traceability in Ghana’s cocoa industry.
With this system, COCOBOD can accurately identify eligible beneficiaries, ensuring scholarships reach the intended recipients.
This will enhance the scheme’s effectiveness, preventing potential misuse and guaranteeing that registered cocoa farmers’ children receive the support they need.
Meanwhile, Cocoa farmers across the country have welcomed the news of the price increase and the expanded scholarship program.
Kwame Mensah, a cocoa farmer from the Ashanti Region, shared his excitement, saying, “This is a dream come true for us. Many of us have wanted to see our children go to university, but the costs were too high. Now, with this support, we can send our children to get a higher education without worrying about the fees.”
With these new initiatives, the government aims to further strengthen the cocoa sector, providing not only immediate financial relief through price increases but also long-term support by empowering the next generation of farmers and leaders through education.
The expanded scholarship scheme is expected to drive greater educational attainment among the children of cocoa farmers, enabling them to acquire skills and knowledge that can benefit their communities and contribute to the national economy.
President Akufo-Addo reaffirmed his administration’s dedication to supporting Ghana’s cocoa farmers and ensuring their welfare remains a top priority.
“This is more than just an increase in price or an expansion of a scholarship,” he noted. “It is a commitment to our cocoa farmers and their families, a promise to improve their quality of life and create a legacy of opportunity and growth.”
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