Ghana increases cocoa farmers’ earnings to 70% of global price – Agric Minister Eric Opoku announces

Government has taken a major step to support cocoa farmers by increasing their earnings from the initially proposed 60% to 70% of the world market price.

The government, through the Minister of Food and Agriculture, Hon. Eric Opoku, made the announcement.

This decision reflects Ghana’s commitment to enhancing the livelihoods of cocoa farmers, who play a crucial role in the country’s economy.

Cocoa contributes about 20% of Ghana’s total export revenue, making it a key driver of national growth.

However, fluctuating global prices and challenges such as climate change, smuggling, and aging farms have impacted production in recent years.

By increasing farmers’ earnings, the government aims to:

• Motivate farmers to stay in cocoa farming rather than shifting to other crops.

• Boost production to sustain Ghana’s strong global market presence.

• Strengthen Ghana’s position as a leading cocoa producer, second only to Côte d’Ivoire.

Hon. Eric Opoku made this announcement in a Facebook post on Sunday, February 26, opined the increase is meant to motivate farmers and recognize their value to the Ghanaian economy.

This policy also aligns with the government’s broader vision of improving agriculture sustainability, rural livelihoods, and food security.

With this increase, cocoa farmers can expect better financial stability, ultimately leading to improved community development and a more resilient cocoa industry. The move is also expected to curb cocoa smuggling to neighbouring countries, where farmers often seek better prices.

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