‘This Is A Practical Joke’ - COCOBOD CEO Blasts NDC Over Their Arguments On New Cocoa Price

The Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo has fired salvoes at the opposition National Democratic Congress (NDC) over their criticisms on the new price of cocoa announced by President Nana Akufo-Addo.

The President brought joy to many cocoa farmers as he mentioned his government will be increasing the producer price per bag of cocoa to GHC1,308 which is a major boost on the price the farmers were initially selling their beans for.

However, the National Democratic Congress has passed dissenting views on the price.

They claim they would have done better than the Akufo-Addo administration if they were in government.

“As we speak now, cocoa prices have seen the biggest increment since 1977, so it is your season to make a profit. If NDC were to be in government, we would have a bag of cocoa at GH¢2,500 and add a premium of GH¢300. So you would have received GH¢2,800 per bag,” Minority Leader, Dr. Cassiel Ato Forson said at a conference with cocoa farmers at Dadiesoaba in the Ahafo Region.

But in an interview on Peace FM’s “Kokrokoo” show Monday morning, Mr. Boahen Aidoo deflated the arguments by the opposition party.

According to him, the NDC is only “deceiving the farmers” by throwing unsubstantiated figures out in public.

He explained there is no way the NDC can increase cocoa price between 2,500 to 2,800 cedis since “the price for selling cocoa on the market is pegged at 3,600 dollars” and by his calculations, the amounts quoted by the opposition is outrageously unrealistic.

“This is a practical joke,” he challenged the NDC’s figures.

Setting the record straight, the COCOBOD Chief Executive expounded that cocoa price on the international market stands at 3,600 dollars, therefore multiplying and dividing the amount by the tons of cocoa for which the NDC claims they would give the farmers over 2,500 cedis per bag is not possible.

He also stated “forward sales” is the determining factor for the price of cocoa, so, realistically, the price given by the President is far reasonable.

He further promised an even better price next year, stating "we are going to use it (the 3600 dollars) next year" to calculate the price of cocoa for the farmers, hence "there will be further increase in the price".