Minister for Food and Agriculture, Bryan Acheampong, has dismissed claims that the Ghana Cocoa Board (COCOBOD) lacks the financial capacity to buy cocoa beans from farmers.

He firmly rejected the notion, stating that it is a misconception.

Speaking at a press conference, the minister emphasized that COCOBOD remains financially capable of making cocoa purchases.

His remarks came as he announced the new producer price for cocoa for the 2024/2025 season.

The price has been raised from GH¢20,928 per tonne at the start of the 2023/2024 season to GH¢48,000 per tonne, or from GH¢1,308 per 64kg bag to GH¢3,000 per 64kg bag.

The minister in his submission said “I am not too sure why you will say COCOBOD has no money. It is a wrong impression. It should never be put out there. COCOBOD is well positioned to buy cocoa beans from farmers and trade same."

“Nowhere has the government reported or COCOBOD mentioned that it has no money to buy cocoa.”