A financial analyst, Toma Imirhe, has backed the government’s decision to increase farm gate prices of cocoa from GH¢800 to GH¢1308 for the new cocoa season.

According to him, the increase is a game-changer for cocoa farmers as they would be able to afford fertilizer and other farm produce without relying on the government.

President Akufo-Addo announced a 63.6% increase in the producer price of cocoa from GH¢12,800 per metric tonne (GH¢800 per bag) to GH¢20,943 per metric tonne on September 9, 2023.

“I see it as a major step towards enabling cocoa farmers to be financially independent without relying on state interventions for fertilizer and insecticides. Over the past seven years, the increase in productivity has been the main focus of COCOBOD, now increasing the actual price is a major incentive for farmers,” he was quoted by asaaseradio.com.

“I think we are gradually getting to the stage, where Ghana’s cocoa farmers will be able to buy fertilizer and other inputs at market price and still make a profit, so it’s a win-win for everybody,” Imirhe added.

SSD/NOQ

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