Financial analyst and editor Toma Imirhe has described the latest increment in the producer price for cocoa as a game changer for farmers and the cocoa sector.
President Akufo-Addo has announced a 63.6% increase in the producer price of cocoa from GHC12,800 per metric tonne (GHC800 per bag) to GHC20,943 per metric tonne.
This means that farmers will be paid GHC1,308.99 for every 64-kilogram bag of cocoa beans sold to licensed buying companies.
Speaking on Saturday (9 September) at Tepa in the Ashanti Region, President Akufo-Addo said the new price was the highest paid to farmers anywhere in West Africa in over 50 years.
Appearing on the Asaase Breakfast Show on Monday (11 September), Imirhe said the 63% increment will make cocoa farmers financially independent.
“I see it as a major step towards enabling cocoa farmers to be financially independent without relying on state interventions for fertiliser and insecticides,” he said.
“Over the past seven years, the increase in productivity has been the main focus of COCOBOD, now increasing the actual price is a major incentive for farmers.
“I think we are gradualy getting to the stage, where Ghana’s cocoa farmers will be able to buy fertiliser and other inputs at market price and still make profit, so it’s a win -win for everybody, ” Imirhe added.