Bawumia backs cocoa buyers, chocolate manufacturers to agree to minimum price for cocoa

Vice President Dr. Mahamudu Bawumia is backing major cocoa beans buyers, top chocolate manufacturers among other stakeholders meeting in Accra, to agree to a proposal of introducing a maiden floor price for the cash crop.

The meeting which has been called at the instance of Ghana and Cote d’Ivoire is to agree among all key stakeholders a minimum price for cocoa as a way of safeguarding the farmer from price volatilities.

The Vice President speaking at the two-day workshop said for the majority of cocoa farmers, sustainability includes being paid a price that can guarantee a “living income” that makes it possible first to sustain their families, second, to continue to invest in the farming enterprise, and also enough to attract the next generation of farmers.

“At this grand meeting in Accra today, we request your commitment to help tackle calls to guarantee a living income for farmers beyond the mere poverty level. We need to develop an agenda and a roadmap to tackling this challenge.

We are hopeful of achieving consensus with you on this subject. The Governments of Ghana and Cote d’Ivoire are united to achieve better living standards for cocoa producers and instill efficiency in our domestic supply chains,” Dr. Bawumia stated.

Ghana and Cote d’Ivoire contribute more than 65 percent of global cocoa production but data from the World Cocoa Foundation shows that only 6 percent of the total value of chocolate goes to farmers.

As a way of achieving greater value for the cocoa farmer, the two countries are co-operating to tackle common challenges in the production and marketing of cocoa, and to create a conducive platform for effective engagement with– traders, processors, manufacturers, and retailers – on all relevant issues of mutual interest, including farmers’ income.