President Nana Addo Dankwa Akufo-Addo has announced two major initiatives for cocoa farmers: an increase in the cocoa producer price and a significant expansion of the Cocoa Scholarship Scheme.
Speaking at the 40th National Farmers’ Day celebration on November 8, 2024, the President noted that these new measures, aimed at improving farmers’ incomes and expanding educational opportunities for their children, form part of the government’s broader commitment to supporting the agricultural sector.
President Akufo-Addo revealed that, following recommendations from the Producer Price Review Committee, the cocoa price per tonne has been raised from GH¢48,000 to GH¢49,600, translating to an increase from GH¢3,000 to GH¢3,100 per bag.
He highlighted this adjustment as a way to ensure cocoa farmers benefit from evolving market conditions. “Our farmers are the backbone of our economy, and they deserve fair rewards for their hard work,” he stated.
This price increase is expected to help stabilize farmers’ incomes amid market fluctuations, strengthening their financial security and encouraging continued cocoa production.
In addition to the price increase, the President announced an expansion of the Cocoa Scholarship Scheme to cover tertiary education for cocoa farmers’ children.
Previously focused on supporting senior high school expenses, the scholarship’s scope has evolved due to the Free Senior High School (SHS) policy, which now provides free secondary education for all Ghanaians. Under the expanded scheme, COCOBOD will fully fund tertiary education for the children of registered cocoa farmers, eliminating financial barriers to higher education.
“With the Cocoa Management System in place, we can ensure that this benefit reaches the families for whom it is intended,” the President explained, adding that the system will allow COCOBOD to accurately identify eligible beneficiaries and prevent misuse of the funds.
These initiatives were met with praise from cocoa farmers nationwide. Kwame Mensah, a farmer from the Ashanti Region, expressed his gratitude, saying, “This is a dream come true for us. Many of us want our children to go to university, but the costs are high. Now, we can make this happen without the burden of fees.”
The government hopes these new policies will further strengthen Ghana’s cocoa sector, providing immediate financial relief through price adjustments and long-term support by empowering farmers’ children through education.
President Akufo-Addo concluded his speech with a commitment to the welfare of Ghana’s cocoa farmers, calling the initiatives “a promise to improve quality of life and create a legacy of opportunity and growth” for farming communities across the country.
