In a recent announcement by the COCOBOD Supreme Consultative Council, a new cocoa pricing strategy has been unveiled with the goal of curbing smuggling by up to 80 per cent. Ghanaian cocoa farmers are set to benefit from this game-changing move, as it not only aims to align cocoa prices with market conditions but also provide much-needed support to those within the industry.
Currently, the producer price is set at GH¢3,100 per 64kg bag, representing a slight increase of 0.03 per cent compared to the previous rate announced in September for the upcoming 2024/2025 crop season. This adjustment translates to GH¢49,600 per tonne and is designed to ensure that Ghanaian cocoa farmers receive fair compensation for their hard work.
Isaac Ansah, the Chairperson of the council, highlighted the significance of this price adjustment in deterring illegal cross-border trade. Ansah explained that by offering a potentially higher price than what neighboring Côte d’Ivoire provides, the incentive for smuggling is drastically reduced. He confidently stated, “If the price goes high, maybe even more than what Cote d’Ivoire is offering, the issue of smuggling, if not taken away, will reduce by more than 80 per cent.”
This strategic pricing approach is a crucial step in safeguarding the livelihoods of Ghanaian cocoa farmers and ensuring a thriving cocoa industry in the country. By addressing the root cause of smuggling through competitive pricing, Ghana can protect its valuable cocoa resources and support local farmers in a sustainable manner.
As this new cocoa pricing strategy takes effect, we can expect to see a positive impact on the industry as a whole. Not only will it empower Ghanaian farmers, but it will also strengthen the country’s position in the global cocoa market. The fight against smuggling begins with fair compensation for farmers, and this pricing adjustment is a critical step towards achieving that
Ghanaflare.com
