Cocoa farmers could lose guaranteed prices under new law - Oppong Nkrumah

Kojo Oppong Nkrumah, Ranking Member on Parliament's Economy and Development Committee, warned on Tuesday on JoyNews' PM Express that Ghana's cocoa farmers could lose the protection of guaranteed producer prices if the proposed Cocoa Board Reforms Bill is passed in its current form. He stated, "The cocoa industry is such a big industry here in Ghana. Look at the last time they took a decision at Cabinet to cut cocoa prices by about 30%. It's impacted a lot of cocoa-growing areas across the country. You don't take major decisions like this in a rush."

Oppong Nkrumah, who is the Ofoase Ayirebi MP, said the Minority opposed attempts to fast-track the bill under a certificate of urgency due to its far-reaching impact. He argued that the cocoa sector is too important for Parliament to rush major reforms without broad consultation. He also stated that the pricing formula proposed in the bill, which initially mentioned FOB prices and now some other mechanism, would work against the interests of cocoa farmers by not providing the minimum guarantee farm gate price. The guaranteed farm gate price has given cocoa farmers confidence to invest in production.