• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

GAWU Demands 150% Cocoa Price Increase

April 5, 2024
Lawrence Ankutseby Lawrence Ankutse
in Agribusiness
0
Ivory Coast Cocoa Exports Threatened By U.S. Tariff Plan

Cocoa trees with pods

In a bold move, the General Agricultural Workers Union (GAWU) has issued a challenge to the government, urging for a substantial 150 percent increase in the farmgate price of cocoa.

 GAWU contends that such a raise wouldn’t just incentivize cocoa farmers to increase production but would also combat the concerning trend of farmland being sold to illegal miners.

Dr. Edward Kareweh, General Secretary of GAWU, emphasized the need to prioritize the financial welfare of cocoa farmers. 

RelatedPosts

Unchecked Raw Cashew Exports Threaten Jobs and Undermine 24-Hour Economy Policy – ACPG Raises Alarm

COCOBOD Launches Balanced Scorecard to Drive Performance and Revitalise Cocoa Sector

Mahama Unveils Ambitious Plan to Irrigate 2 Million Hectares Under 24-Hour Economy

He argued that there’s no justification for the government to consistently set cocoa prices below those of Ivory Coast whenever COCOBOD announces rates for the new planting season. 

“Why must we always look at the price set by Ivory Coast and fix our price slightly below theirs? Ivory Coast has increased its price by 100 percent. What I hear is we are considering 50 percent. Why can’t we increase cocoa price by 150 percent,” he argued.

Dr. Kareweh observed that such an increase would motivate farmers to increase production and stop selling farmlands to illegal miners who offer lucrative deals.

“When you listen to the farmers selling their farmlands, they tell you that the miners offer them huge amounts of money, which they can’t decline. If the cocoa farmer is earning better, they won’t sell their farms”.

Dr. Edward Kareweh

Dr. Kareweh emphasized the critical importance of protecting cocoa farmers, highlighting their indispensable role in generating foreign earnings for the country. He noted that revenue from cocoa has long served as a dependable source of funding to fuel Ghana’s economic growth.

Addressing the upward trend in cocoa prices on the global market, Dr. Kareweh asserted that the surge in demand for the product signifies a pivotal moment for producers to assert their influence over pricing.

“We have seen the consumer of cocoa always setting the price. However, as the price goes up on the world market, the producer must take advantage to set the price”, he said.

Dr. Edward Kareweh General Secretary of GAWU
Dr. Edward Kareweh, General Secretary of GAWU

Calls For Price Increase  

The Ghana Cocoa Board (COCOBOD) announced that the government is contemplating a hike in the farmgate prices of cocoa beans for farmers. 

This decision, currently under discussion among stakeholders in the cocoa sector, aims to enhance the well-being of farmers while curbing the illicit movement of cocoa beans to neighboring countries.

COCOBOD highlighted that the proposed increase serves a dual purpose: not only to uplift farmers’ livelihoods but also to combat smuggling, particularly to the Ivory Coast. 

This move comes in response to Ivory Coast’s recent announcement of a 100 percent hike in farmgate prices, spurred by a surge in global cocoa prices. 

The government is reportedly considering a significant increase in cocoa farmgate prices, with Bloomberg forecasting a potential rise of over 50 percent for farmers. 

Should this adjustment come to fruition, it would signify a notable departure from past practices, marking the first instance of Ghana implementing two pay increases for farmers within a single main crop season, which spans from September to June.

Already, at the commencement of the season, the government raised the rate by 63.5 percent to 20,928 cedis a ton. 

Reasons World Prices On Uptick

According to Bloomberg analysis, Cocoa futures in New York have increased in recent months due to adverse weather conditions and disease-impacting output from Africa. 

Initially, the rush to secure supplies drove prices higher, but since then, futures have more than doubled this year, placing significant pressure on traders due to margin calls and forced buying.

Furthermore, the analysis reveals that the spike in wholesale markets has resulted in a sharp decline in the share received by Ghanaian farmers, plummeting from 44% to 16% over the past seven months. 

This decline occurred since the government last updated the farmgate price. Even if farmers’ pay were to double, it would still fall far below the levels observed on the world market. 

READ ALSO: A Seeming Shift In Biden’s Stance On Netanyahu

Tags: BloombergDr. Edward Karewehfarmgate priceGAWUGeneral Agricultural Workers UnionGhana Cocoa BoardIvory Coast
Please login to join discussion
Previous Post

EC Petitioned to Withdraw its Directives to Police over Special Voters List

Next Post

Government Commits to Expenditure Reforms

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

July 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

July 9, 2025
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

July 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

July 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

July 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

July 8, 2025
GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

by Prince AgyapongJuly 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

by Evans Junior OwuJuly 9, 2025
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

by Lilian AhedorJuly 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

by Stephen M.CJuly 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

by Silas Kafui AssemJuly 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

by Stephen M.CJuly 8, 2025
GoldBod CEO Champions Value Addition in Mining
Hon. Haruna Iddrisu, Ghana's Minister for Education
LGBTQ concerns in Ghana
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Bright Simons, E&P, Azumah
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
[/vc_row_inner]

Recent News

  • Ghana Poised to Reap Big from Soaring Gold Prices
  • Ghana Moves to Overhaul Scholarship Regime with New Bill
  • Ghana Slammed for UN LGBTQ Vote Abstention
  • Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
  • Bright Simons Slams E&P Over Gold Mine Controversy
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.