Akufo-Addo Raises Cocoa Price to Support Farmers Amid Economic Challenges
President Nana Addo Dankwa Akufo-Addo announced a slight increase in the cocoa producer price for the 2024/2025 crop season, raising it from GH₵3,000 to GH₵3,100 per 64kg bag. This 0.03% increment, though modest, aims to provide some relief for cocoa farmers in light of current market dynamics. The adjustment was revealed at the National Farmers’ Day awards ceremony in Accra on November 8, 2024, where President Akufo-Addo underscored the government’s commitment to regularly reviewing cocoa prices in response to global and domestic market realities.
This price adjustment is part of a broader government strategy to enhance the livelihoods of cocoa farmers who face challenging conditions. “I have directed the Minister for Agriculture to ensure that future price adjustments reflect global trends and the realities on the ground,” the President stated, highlighting the importance of supporting one of Ghana's most vital sectors.
Farmers’ Day this year also featured the announcement of the 2024 National Best Farmer Award, which went to 70-year-old Nana Owusu Achiaw Brempong from Sekyere Central District in the Ashanti Region. His recognition reflects his dedication to advancing agriculture in Ghana. Nana Owusu was awarded one million Ghana cedis and additional prizes, acknowledging his achievements and contributions to the agricultural sector.
In his acceptance speech, Nana Owusu emphasized the need to focus on food security for Ghana’s future. He called on stakeholders to increase investment in local agriculture, arguing that Ghana must prioritize local production to reduce dependence on food imports. “We must prioritize local production if we are to safeguard our food security and grow our economy,” he said.
This year’s Farmers’ Day celebrations showcased the crucial role of farmers in Ghana’s economic stability. The annual event, which recognizes the efforts of farmers nationwide, highlights the agricultural sector’s contributions to food security, employment, and revenue generation. The government continues to push for initiatives that enhance farmers’ productivity and ensure fair compensation, with the recent cocoa price increase marking one of several efforts aimed at strengthening the sector.
Ghana’s agricultural sector, particularly cocoa production, remains a cornerstone of the economy. The government is keenly aware of the sector’s contribution to GDP and has implemented measures to sustain Ghana’s status as one of the world’s leading cocoa producers. President Akufo-Addo’s commitment to adjusting cocoa prices in alignment with market conditions reflects an effort to balance farmers' needs with economic realities.
With continued support, price adjustments, and recognition of farmers’ indispensable contributions, the government aims to strengthen the agricultural sector, improve farmers' livelihoods, and ensure sustainable growth. The Farmers' Day celebration, now a well-regarded annual event, serves as a reminder of the importance of supporting those who feed the nation and contribute to Ghana’s economic future.
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