Eric Opoku, the Minister for Food and Agriculture has revealed Ghana Cocoa Board is deeply in debt, owing a whopping GHS27 billion to creditors.
According to Eric Opoku, GHS5.37 billion of COCOBOD debts to its creditors is due this year.
Eric Opoku asserted that the debt left by the NPP government at COCOBOD is the reason why Ghanaian cocoa farmers are not receiving their expected 70% share of earnings.
Speaking on the floor of Parliament Eric Opoku detailed, “The former Western Regional Minister indicated to me that Eric Opoku you have the opportunity now, to increase the producer price that was what he told me.
We are fully determined to give Cocoa farmers more than 60 percent we want to give them 70 percent. But they know they have set a trap for us, the trap is that in their handing over notes, they indicated that COCOBOD owes their creditors an amount of GHS27 billion and that GHS5.37 billion is due for payment this year”, he added.
Eric Opoku further added, “What does means is that, this year if you get the money set aside GHS5.37 billion to pay for the debt before you proceed to determine the producer price of cocoa, that is what they have bequit to us.
So it is surprising that after creating this mess, who has the courage, to man pressure on us, to increase producer prices today, while at the same time you are urging us to go and pay debts? If Ghanaian Cocoa farmers are unable to get the 70% they deserve it is because of the huge debts that they have given to us, they have created it”, Eric Opoku added boldly.
Meanwhile, in a social media post, Eric Opoku announced the Mahama government will pay Cocoa farmers 70% of the world market price.
According to Eric Opoku, the increase is intended to motivate farmers, boost production, and further cement Ghana’s standing as the world’s second-largest producer of cocoa.
He stated, “Since 2023, CPC’s production has been on a downward trend. Despite having a processing capacity of 64,500 tonnes, the company produced only 6,614 tonnes in 2023 and 2,886 tonnes in 2024. This decline is largely due to reduced cocoa bean production, which has affected supply to the processing company,” he stated.
“To address this challenge, I announced the government’s decision to exceed the initial 60% proposal and offer cocoa farmers 70% of the world market price. This increase is intended to motivate farmers, boost production, and further cement Ghana’s standing as the world’s second-largest producer of cocoa”, he added.
However, the Ghana Cocoa Board (COCOBOD) has shut down rumours circulating on social media that the government has increased cocoa prices.
Watch the video below:
Member of Parliament for Asunafo South, Hon. Eric Opoku has disclosed that, Ghana’s COCOBOD is deeply in debt, owing a whopping GHS27 billion to creditors, with GHS5.37 billion due this year.
According to him, this massive debt is the reason Ghanaian cocoa farmers are not… pic.twitter.com/Nn4N3fr1Mj
— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) February 17, 2025
