The government has announced an immediate reduction in the cocoa producer price, cutting the rate from GH¢3,625 to GH¢2,587 per bag in a significant policy shift expected to impact farmers nationwide.
In a statement released today, officials explained that the decision follows a review of prevailing market conditions, including fluctuations in global cocoa prices, exchange rate pressures, and rising operational costs within the cocoa sector.
Authorities indicated that the adjustment is aimed at stabilizing the industry and ensuring long-term sustainability.
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The reduction represents a substantial decrease in earnings for cocoa farmers, many of whom rely heavily on the crop as their primary source of income.
Farmer groups are expected to seek further clarification on the rationale behind the move, particularly regarding measures to cushion producers against the financial impact.
Government representatives have assured stakeholders that complementary interventions are being considered to support farmers, including productivity enhancement programs and input subsidies.
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The policy takes effect immediately, and the Ghana Cocoa Board is expected to provide additional details on implementation and stakeholder engagement in the coming days.