Former President John Dramani Mahama has criticized the recently announced increase in cocoa farmgate prices, calling it a "rip-off" of hardworking cocoa farmers.
In a Facebook post on Monday, September 11, Mahama said the new price of GHS1,308 per bag, up from GHS800, is unfair to farmers given the current high prices of cocoa on the international market.
"With the international market price surging to a 46-year record high of $3,600, the government should have given our cocoa farmers their fair share of the international FOB price," Mahama wrote.
He noted that the new farmgate price only represents 52.7% of the free-on-board (FOB) price, compared to 66.06% that his government gave farmers in 2016.
"This is unfair to our cocoa farmers, who have been worse off since the NPP took over the reins of government in 2017," the former president said.
Mr. Mahama added that instead of building on his government's foundation, "They have rather increased the operational expenses of COCOBOD and reduced the international FOB share for the farmers."
"Cocoa farmers certainly deserve better!" he concluded his post.
President Akufo-Addo announced the new farm-gate price of GHS1,308 per bag on Saturday, September 9, at Tepa in the Ashanti region during the opening of the 2023/2024 cocoa season.