Akufo-Addo Increases Cocoa Producer Price And Expands Scholarship Scheme For Cocoa Farmers’ Children

In a notable show of support for Ghana’s cocoa farmers, President Nana Addo Dankwa Akufo-Addo made two major announcements at the 40th National Farmers’ Day celebration, held on Friday, 8th November 2024.

As part of his closing remarks, the President unveiled an increase in the cocoa producer price and an expansion of the Cocoa Scholarship Scheme. These moves underscore the government’s commitment to boosting farmers’ livelihoods and enhancing educational opportunities for the children of cocoa farmers.

The first announcement was a raise in the producer price of cocoa. Based on the recommendations of the Producer Price Review Committee, the price per tonne has been adjusted from GH¢48,000 to GH¢49,600, translating to an increase from GH¢3,000 to GH¢3,100 per bag.”

“This adjustment, according to President Akufo-Addo, is aimed at reflecting the government’s dedication to ensuring that farmers benefit from evolving market conditions. “Our farmers are the backbone of our economy, and they deserve a fair reward for their hard work,” President Akufo-Addo remarked. “This price increase represents my commitment to ensuring that, as market conditions evolve, our farmers see their incomes periodically reviewed and strengthened.”

Ghana, as one of the world’s largest cocoa producers, relies heavily on cocoa exports for national revenue. However, global cocoa prices can fluctuate significantly, often impacting farmers who rely on stable income from their cocoa yields. By periodically reviewing the producer price, the government seeks to cushion farmers against market volatility and improve their financial stability. With this latest increase, the President aims to provide cocoa farmers with a more secure income and an added incentive to continue cultivating Ghana’s most valuable cash crop.

The President also highlighted that the adjustment is part of the government’s broader strategy to enhance the welfare of cocoa farmers, who contribute significantly to Ghana’s agricultural economy. The increase in the producer price is not just a temporary measure, but part of a series of policies aimed at ensuring that farmers receive their fair share of revenue from cocoa exports. This price adjustment is expected to have a positive impact on cocoa-growing communities, providing more resources for families and fostering economic growth in rural areas.

In addition to the producer price increase, President Akufo-Addo announced a significant expansion of the Cocoa Scholarship Scheme. For years, the scheme, managed by COCOBOD, has provided financial support for the children of cocoa farmers, covering their education expenses. However, with the implementation of the Free Senior High School (SHS) policy, the scholarship’s focus has evolved, as secondary education is now free for all Ghanaian students.

Recognizing the changing landscape, President Akufo-Addo directed COCOBOD to expand the scholarship scheme to cover tertiary education for the children of cocoa farmers. This means that every child of a registered cocoa farmer in Ghana will now qualify for fully-funded tertiary education through the Cocoa Scholarship Scheme.

“With the Cocoa Management System in place, we can ensure that this benefit reaches the families for whom it is intended,” the President explained, underscoring the importance of the scheme in uplifting families and strengthening Ghana’s commitment to accessible, quality education.

The expanded Cocoa Scholarship Scheme represents a groundbreaking step toward reducing financial barriers for cocoa farmers’ children, helping them access higher education and pursue opportunities beyond the farm. This move aligns with the government’s vision to create a skilled and educated workforce capable of driving Ghana’s development. President Akufo-Addo emphasized the potential impact of this policy, stating, “We are not only supporting today’s cocoa farmers but investing in the future of Ghana’s economy by ensuring their children receive a quality education and access to the best opportunities.”

The Cocoa Management System (CMS), a digital platform introduced by COCOBOD, will be instrumental in implementing this expanded scholarship program. The CMS was designed to register all cocoa farmers and maintain a comprehensive database to improve transparency and traceability in Ghana’s cocoa industry. With this system, COCOBOD can accurately identify eligible beneficiaries, ensuring that the scholarships reach the intended recipients. This will enhance the scheme’s effectiveness, preventing potential misuse and guaranteeing that registered cocoa farmers’ children receive the support they need.

Cocoa farmers across the country have welcomed the news of both the price increase and the expanded scholarship program. Kwame Mensah, a cocoa farmer from the Ashanti Region, shared his excitement, saying, “This is a dream come true for us. Many of us have wanted to see our children go to university, but the costs were too high. Now, with this support, we can send our children to get a higher education without worrying about the fees.”

With these new initiatives, the government aims to further strengthen the cocoa sector, providing not only immediate financial relief through price increases but also long-term support by empowering the next generation of farmers and leaders through education. The expanded scholarship scheme is expected to drive greater educational attainment among the children of cocoa farmers, enabling them to acquire skills and knowledge that can benefit their communities and contribute to the national economy.

In closing, President Akufo-Addo reaffirmed his administration’s dedication to supporting Ghana’s cocoa farmers and ensuring their welfare remains a top priority. “This is more than just an increase in price or an expansion of a scholarship,” he noted. “It is a commitment to our cocoa farmers and their families, a promise to improve their quality of life and create a legacy of opportunity and growth.”

These announcements mark a significant step forward in the government’s ongoing efforts to uplift the agricultural sector and support those who contribute so much to Ghana’s economy. As the nation celebrates its hardworking farmers on Farmers’ Day, the increase in the cocoa producer price and the expanded scholarship scheme signal a brighter, more prosperous future for Ghana’s cocoa farmers and their families.