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Joseph Boahen Aidoo, the CEO of the Ghana Cocoa Board (COCOBOD), has responded to critics regarding the cocoa pricing in Ghana. He emphasized that the pricing process undergoes extensive consultations and assessments before a final price is determined.
On September 9, 2023, the Ghanaian government announced a new cocoa price at the start of the 2023/2024 cocoa season. The price per bag of cocoa increased from GHC800 to GHC1,308, resulting in a 63.5% increment in the price per tonne from GHC12,800 to GHC20,943.
However, the Minority in Parliament criticized the new pricing as inadequate. They argued that with international cocoa prices reaching a record high of about $3,600 per metric ton as of August 31, 2023, Ghanaian farmers deserved a higher price.
Speaking at the inaugural Brong Ahafo Women Cooperative Cocoa Farming and Marketing Central Union Festival (BAWCOF 2023) in Sunyani, Aidoo explained that the producer price review committee, comprising representatives of cocoa farmers, licensed buying companies, and other stakeholders, collectively determines the final price.
Aidoo clarified, “When they are working on the pricing, I’m not part of it. We have a producer price review committee which includes the Bank of Ghana, COCOBOD, and other representatives; they decide and come out with new prices.”
Aidoo also encouraged cocoa farmers to utilize the cocoa farmer pension for its benefits, while Michael Asumanu, the Bono regional administrator of COCOBOD, called for the empowerment of women in cocoa farming to achieve financial independence.
The festival included activities such as health screenings and a cooking competition and was attended by representatives of the Sunyani traditional authority. The event brought together members of the cooperative from 96 societies in nine cocoa-growing districts in the Brong Ahafo region. It celebrated the dedicated efforts of women in cocoa farming and aimed to empower them with alternative means of livelihood through the marketing cooperative.
