Minister of State in charge of Government Communications, Felix Kwakye Ofosu, says government’s decision to reduce the producer price of cocoa is beginning to yield results, with buyers returning to the market.
According to him, the price adjustment, though difficult, was necessary to prevent further financial strain on the country.
Speaking on TV3 and monitored by NewsDesksGH on February 28, he said,
“No responsible government will continue to incur deaths that we cannot pay and end up impoverishing all 34 million of us, simply because we want to avoid some political matters. So the best option was to do a reduction.”
He explained that although farmers may be disappointed by the reduction from the previously expected GH¢3,600 to GH¢2,587 per bag, the revised price still allows them to recover production costs and earn a decent margin.
“Of course if you were expecting 3,600 and you’re get around 2,600 you’re definitely going to be disappointed. But the price they’re getting does not make them operate at a loss.”
Felix Kwakye Ofosu stressed that the adjustment was unavoidable given the broader economic context.
“The money we’re paying now is not what was agreed previously but it is necessary to do this adjustment to save this economy.”
He further indicated that the move has restored confidence among buyers and is already generating revenue to clear the debts owed to farmers.
“When we did that, money has become available because the buyers are coming. Some of them are domestic producers, others are foreign buyers. And the money has come. 3.6 billion has gone, more will go.”
