MP Ekow Assafuah Criticizes Cocoa Price Hike as Inadequate

Member of Parliament for Old Tafo, Vincent Ekow Assafuah, has strongly criticized the government’s recently announced cocoa producer price for the 2025/2026 season, describing it as disappointing and misleadingly celebrated.

The government, through Finance Minister Dr. Cassiel Ato Forson, announced on August 4 that the Producer Price Review Committee had approved a new price of GHC 3,228.75 per 64kg bag of cocoa. This rate, which takes effect from Thursday, August 7, 2025, represents 70% of the Free-On-Board (FOB) price of $7,200 per metric tonne. Dr. Forson said this fulfills a campaign promise made by President John Mahama to cocoa farmers.

However, in a sharp rebuttal via social media, Assafuah accused Dr. Forson of celebrating a marginal increase that does little to improve the economic well-being of farmers.

“Let me help you summarize your own statement,” Assafuah wrote. “In 2024, the price was GHC 3,100. Now it’s GHC 3,228.75. After all your lofty promises, is this the ‘heaven on earth’ you pledged?”

The MP argued that the increase of GHC 128.75 per bag is the lowest adjustment since 2016 and fails to account for the rising cost of inputs and worsening economic conditions in the country, particularly the depreciation of the cedi.

While the government claims a 62.58% increase in dollar terms — from $3,100 to $5,040 per tonne — critics like Assafuah emphasize that the exchange rate erodes the benefits farmers actually receive. At an average exchange rate of GHS10.25 to the dollar, the gain in real cedi terms is underwhelming.

In defense of the new price, Dr. Forson stated that it offers farmers a higher share of the FOB value — 70%, compared to the previous administration's 63.9%. He also noted that the $7,200 figure is supported by actual sales of 100,000 tonnes of cocoa at $2,600 per tonne during the 2023/24 season.

Nonetheless, the opposition and other observers argue that the discussion must shift from percentages to real, tangible benefits for farmers who are grappling with inflation and reduced purchasing power.

Source: mynewsgh