By implementing this policy Ghana is not only supporting current cocoa farmers but also investing in the nation’s economic future.
In a significant demonstration of support for Ghana’s cocoa farmers, President Akufo-Addo made two major announcements at the 40th National Farmers’ Day celebration on Friday, November 8, 2024.
In his address, the President announced an increase in the cocoa producer price and an expansion of the Cocoa Scholarship Scheme, highlighting the government’s commitment to improving farmers’ livelihoods and advancing educational opportunities for the children of cocoa farmers.
The first announcement involved a raise in the cocoa producer price. Following recommendations from the Producer Price Review Committee, the price per tonne has been increased from GH¢48,000 to GH¢49,600, raising the per-bag price from GH¢3,000 to GH¢3,100.
President Akufo-Addo emphasized that this adjustment reflects the government’s commitment to ensuring that farmers benefit from changing market dynamics. “Our farmers are the backbone of our economy, and they deserve fair compensation for their hard work,” he stated, “This price increase represents my commitment to making sure our farmers’ incomes are reviewed and strengthened as market conditions evolve.”
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, impacting farmers who depend on a stable income from their cocoa yields. By regularly reviewing the producer price, the government aims to shield farmers from market volatility and enhance their financial stability. This latest increase is intended to provide cocoa farmers with a more secure income and encourage their continued commitment to cultivating Ghana’s most valuable cash crop.
He further emphasized that this adjustment is part of the government’s broader strategy to improve the welfare of cocoa farmers, who play a vital role in Ghana’s agricultural economy. The increase in the producer price is not a one-time measure but part of a series of policies aimed at ensuring farmers receive a fair share of revenue from cocoa exports. This price adjustment is expected to positively impact cocoa-growing communities, offering more resources for families and promoting economic growth in rural areas.
President Akufo-Addo also announced a substantial expansion of the Cocoa Scholarship Scheme. Traditionally managed by COCOBOD, this program has offered financial support for the education of cocoa farmers’ children. With the introduction of the Free Senior High School (SHS) policy, which provides free secondary education to all Ghanaian students, the scholarship’s purpose has shifted.
In response to this shift, President Akufo-Addo has instructed COCOBOD to extend the scholarship scheme to cover tertiary education costs for children of cocoa farmers. Now, every registered cocoa farmer’s child in Ghana will be eligible for fully-funded tertiary education through the Cocoa Scholarship Scheme.
President Akufo-Addo highlighted the significance of the Cocoa Management System in ensuring benefits reach intended families, particularly cocoa farmers.
According to him, “This initiative uplifts families and strengthens Ghana’s commitment to accessible, quality education. The expanded Cocoa Scholarship Scheme is a game-changer, breaking financial barriers for cocoa farmers’ children to access higher education and explore opportunities beyond farming.”
By implementing this policy, President Akufo-Addo emphasized that Ghana is not only supporting current cocoa farmers but also investing in the nation’s economic future. “This vision ensures their children receive quality education and access to the best opportunities, ultimately contributing to Ghana’s growth and prosperity,” he said.
Story: Oppong Baah
