The Ghana Cocoa Board (COCOBOD) has expressed its commitment to ensuring that cocoa farmers receive a meaningful and fair boost in their income when the government announces the new cocoa producer price.

A significant increase in Ghana’s cocoa producer price is anticipated ahead of the next crop season. The upward adjustment is believed to be an effort to match local prices with gains in the global cocoa market.

The current cocoa producer price in Ghana is GH¢3,100 per 64kg bag, which translates to GH¢49,600 per tonne. This price was after it saw a rise on November 8 last year, when the Ghana Cocoa Board announced an increase from GH¢48,000 per tonne to GH¢49,600.

Presently, cocoa farmers nationwide are hopeful of a significant hike in the price of their produce, following President John Dramani Mahama’s assurance of new prices in August.

“And to cocoa farmers, the CEO of COCOBOD has informed me that by August, they will announce the new cocoa producer price. And I can assure you, the price is going to be very good.”

With his confidence in the satisfaction the price review would give farmers, he entreated all individuals contemplating venturing into the cocoa farming business to do so.

“To those of you who don't have cocoa farms, go and start looking for land and start planting cocoa,” he said.

COCOBOD in April debunked claims of a new cocoa producer price due to the absence of a functional Board of Directors and Producer Price Review Committee, which it impossible for a producer price to be adjusted.

Speaking to Joy News on Friday, June 6, the Chief Executive Officer (CEO) of COCOBOD, Dr. Randy Abbey, disclosed that there is an ongoing engagement with authorities to guarantee that farmers are awarded a fair producer price that reflects current global market trends.

Although he bemoaned how the appreciation of the local currency could derail farmers' earnings, he remained optimistic that their income and livelihoods would be protected following the conclusion of the ongoing discussions.

“The truth is that we are convinced it is going to happen. On the dollar side, we will see its impact. Based on the strength of the cedi, in cedi terms, you may not see anything significant. What we are seeing now is a situation where global prices are high, and that would normally translate into higher incomes for our farmers. But with the cedi appreciating sharply, the gains could be reduced when translated into Ghana cedis,” he explained.

“We must strike a balance. Farmers deserve to benefit from the favorable market conditions, and we are working with stakeholders to ensure the final producer price reflects both global trends and domestic realities,” he added.

In a statement at the bank’s 124th Monetary Policy Committee meeting on May 21, BoG Governor Dr. Johnson Asiamah said the central bank is committed to maintaining fiscal and monetary policies that support the cedi’s stability.

Dr. Asiamah noted that the bank will continue implementing reforms to monitor the forex market and prevent illegal practices that threaten the currency's strength.

The cedi, he said, had gained “significant value — almost 19% — between April and May,” attributing the appreciation to “a combination of factors, including prudent monetary policy, improved market sentiment, and external sector gains.”

The average interbank rates as of Wednesday, June 4, show the US dollar buying at GH₵10.22 and selling at GH₵10.23. The British pound is buying at GH₵13.86 and selling at GH₵13.88. The euro is currently being bought at GH₵11.68 and sold at GH₵11.69.