Tuesday, 28 May

NPP commends government over new cocoa price

Business
Mr Bryan Acheampong

The New Patriotic Party (NPP) in the Eastern Region has commended the Government, specifically President Nana Addo Dankwa Akufo-Addo and the Minister of Food and Agriculture, Mr Bryan Acheampong, for the recent increase in cocoa prices. 

The commendation comes on the heels of the government's announcement of a significant rise in the price of cocoa, with a bag now fetching GHC2,070 compared to the previous price of GHC1,308 in September 2023.

In a statement issued by Evans Osei Yeboah, the Eastern Region Communications Officer of the NPP, the party expressed appreciation on behalf of cocoa farmers in the region for the positive development. 

The increase in cocoa prices has been well-received by cocoa farmers and the general public, eliciting satisfaction and praise for the government's efforts.

However, amidst the jubilation over the price hike, the NPP also took the opportunity to address what they perceived as misinformation and propaganda by the opposition National Democratic Congress (NDC).

 The NPP accused the NDC of spreading falsehoods regarding the cocoa pricing mechanism, particularly regarding Ghana's cocoa trading practices on the international market.

The NPP clarified that Ghana does not sell cocoa at spot prices or prevailing market rates, as claimed by the NDC. 

Instead, the statement elucidated Ghana's trading method, which involves the use of futures and forward contracts to secure prices for cocoa before the harvest season begins. 

These contracts serve as collateral for syndicated loans obtained by Ghana to finance cocoa purchases from farmers.

According to the NPP, this trading arrangement ensures that farmers have a guaranteed market for their cocoa produce, preventing losses from spoilage and ensuring timely payments. 

The statement emphasized the efficiency of Ghana's cocoa supply chain under this system and criticized the NDC's attempt to confuse the public with inaccurate information.

In conclusion, the NPP reiterated its gratitude to the government for the cocoa price increase and urged the public to disregard what they termed as "empty NDC communicators" spreading misinformation.

Source: Classfmonline.com/Cecil Mensah