President Akufo-Addo has announced a new producer price of cocoa for cocoa farmers, at an event at Tepa, in the Ashanti Region.

According to him, the international market is beginning to pick up, and government, in keeping with its promise to gallant cocoa farmers, has increased cocoa prices from GH¢12,800 per ton, to GH¢20,943 per ton, and GH¢1,308 per bag.

He revealed that the price is 70.5% of the Gross FoB price, which is equivalent $1,821 per ton.

“It is the highest price to be paid to cocoa farmers across West Africa in some fifty (50) years. With the predicted stable prices above US$2,600 threshold, Government will continue to honor our famers with good prices in the years ahead. Indeed, better days are ahead.”
President Akufo-Addo

President Akufo-Addo indicated that the increment comes after cocoa farmers intensified calls for an upward review of cocoa prices. This, he explained, is to prevent the prevalence of smuggling and the situation where cocoa farmers give out their lands to illegal miners.

Announcing the increment, President Akufo-Addo expressed confidence that the new policies being put in place will help improve the cocoa sector.

“Until recently, international prices of cocoa have remained relatively low and made worse by COVID-19. In spite of this, government has taken a very hard decision to increase producer prices of cocoa. Cocoa prices have increased from GH¢7,600 per ton in 2016 to GH¢12,800 per ton in 2022. A significant increase of 68 percent. This has had an adverse impact on COCOBOD’s financial performance.”
President Akufo-Addo

Moreover, President Akufo-Addo emphasized that the sustainability of the entire industry hinges on the producer being willing to invest in business and be certain that government repays the appropriate price.

As such, he iterated that as the international market is beginning to pick up and in keeping with its promise to Ghana cocoa farmers, has increased cocoa beans.

President commissions Ghana Navy fleet

Meanwhile, President Akufo-Addo has commissioned five boats for the Ghana Navy Fleet and an oil spill response vessel for the Ghana Maritime Authority.

He revealed that as government protects these maritime territories, there is a need to maintain significant Naval presence, so as to prevent criminals from exploiting any contested areas.

With this, he highlighted the classification of these boats as Boundary Class Ships of the Ghana Navy is fitting, and their names apt.

The President was happy to note that Ghana Navy Ships HALF ASSINI and AFLAO are products of the cooperation between the governments of Ghana and the United States.

“We are grateful for the benevolence of the government and people of the United States. The United States has supported Ghana’s military revitalisation programme through capacity building and enhancement of our capabilities, with the support of the Navy’s Special Boat Squadron and other initiatives with the Army and Air Force.”
President Akufo-Addo

Subsequently, President Akufo-Addo noted that current 5-year United States, Denmark and Ghana Trilateral Agreement is set to make the Navy’s Special Boat Squadron a tier-one Special Operations Force by 2026.

He further revealed that the donation of these two 12-metre Defender Class Boats would greatly enhance the operations of the Navy in dealing with sophisticated operations when the need arises.

“It is refreshing to see the Navy serving as a glue that is cementing international and local partnerships towards securing our interests at sea.”
President Akufo-Addo