News
Cocoa producer price is up 21%, bag sells at GH₵800

The producer price of cocoa has been increased by 21% for the 2022/2023 season effective October 7, 2022.
GH₵12,800 per metric tonne
This translates into GH₵12,800 per metric tonne up from GH₵10,560.
GH₵800 per bag
This means that the price of a bag of cocoa weighing 64 kilogramme gross will now sell at GH₵800 from the GH₵660 in 2021/2022 season.
Increase represents 89.99% of FoB price
The producer price represents 89.99% of the net Free on Board (FOB) value.
Minister of Food and Agriculture (MoFA), Dr. Owusu Afriyie-Akoto announced this in Accra yesterday.
900 CFA franc per bag in Ivory Coast
Last week, Ivory Coast raised its cocoa producer price by nine per cent to 825 CFA franc to 900 CFA franc (1.33) per kilogramme.
The cedi equivalent of the 900 CFA franc per bag of cocoa weighing 64 kilogramme gross is GH₵850.
The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone.
Govt’s commitment to decent income for farmers
Dr. Afriyie-Akoto explained that the 21% rise in the producer price of cocoa was a testament to the government’s resolve to ensure farmers earn a decent income and make cocoa farming lucrative.
Robust, resilient, and sustainable cocoa industry
He said government will continue to implement initiatives to build a robust, resilient, and sustainable cocoa industry where cocoa farmers and their communities would thrive.
He said that to ensure a decent standard of living for Ghanaian cocoa farmers after retirement, the government will from November 2022 move from the pilot phase to the implementation phase of the Cocoa Farmers pension scheme.
Dr Afriyie-Akoto said the Committee had also approved the rates and fees for all other stakeholders in the supply chain.
These include the Buyers margin, Hauliers’ rate, warehousing, and internal marketing costs, as well as fees for disinfestation, grading and sealing and scale inspection.
The minister said the government would continue to support cocoa farmers through the pests and diseases control programme (Mass Spraying) and rehabilitation of diseased cocoa farms.
“The Government will also assist cocoa farmers by making the requisite inputs such as fertilizers available for farmers to buy to increase farm productivity,” he added.
The Minister said the Government was committed to continuing to supply certified planting materials that are drought tolerant, early bearing and high yielding.
Dr Afriyie-Akoto said the European Union would soon legislate Regulations on due diligence on Deforestation and Forest Degradation and this placed enormous responsibility on the country to ensure that cocoa was sustainably produced in Ghana.
He said the government had not relented in ensuring that cocoa produced in Ghana was free from deforestation and child labour.
He said the government through Ghana Cocoa Board (COCOBOD) is developing the Cocoa Management System (CMS) to enable Ghana to meet the EU due diligence requirements.
When completed, the CMS will establish a national mandatory traceability system which will be transparent and accountable.
This will ensure that all Ghana cocoa beans are traceable from the port of shipment to the plot of land that produced the beans.
He said this was a key requirement under the European Union Due Diligence requirements.
The Minister said the first component of the CMS, which involved the establishment of a reliable farmer database (farm mapping and enumeration), is expected to be completed by the end of October 2022.
He assured stakeholders that COCOBOD had made available funds, jute sacks and related logistics for the smooth take-off of the 2022/23 Main Crop Season.
COCOBOD secures $1.13bn to purchase Cocoa
COCOBOD) has secured $1.13 billion from a consortium of international banks to meet its financing needs to purchase cocoa and related operations for the 2022/23 cocoa crop season.
The Board signed the agreement with Standard Chartered Bank Ghana Limited on behalf of the other lenders.
Despite the challenging context for COCOBOD and Ghana this year, the new annual financing for a thirtieth successive year closed successfully with the strong support of its relationship banks and enhanced level of collateralisation and pricing, confirmed the longstanding successful track record of this PXF.
Cocoa freight rates increased: 5% for containerised, 10% for bulk shipment
The Cocoa Marketing Company (CMC), Ghana Shippers Authority (GSA) and 18 shipping lines have agreed to increase basic freight rates for the 2022/2023 cocoa season to all destinations but the United Kingdom (UK).
As a result, basic freight for containerised shipments to all destinations except UK has been increased by five percent and basic freight for mega bulk shipments to all destinations except UK has been increased by 10%.
In addition, Bunker (Fuel) Adjustment Factor (BAF) to all destinations except UK has been increased by 2 percentage points from 28 – 30%.
These were reached after a marathon meeting at this year’s Cocoa Freight Negotiation Conference held at the Hilton Sorrento Palace, Sorrento, Italy on 20th September 2022.
This means the rate, calculated per tonne, for shipping the commodity to the various locations across the world currently stands at £31.50 to the United Kingdom (UK) for both bagged and bulk; to the Northern Continent €54.02 for bagged and €56.60 for bulk; to Estonia €61.74 for bagged and €64.70 for bulk; to Mediterranean Europe €60.64 for bagged and €63.53 for bulk; to the Far East $100.44/106.09 for bagged and to Brazil $116.24 for bagged and $121.78 for bulk.
The reasons that resulted in the decision predominantly were events in the global shipping market, which include increasing charter rates, container shortage and rising bunker prices.
Also, the consideration of the need to keep a competitive freight rate for Ghana’s cocoa, especially in the light of competition from neighboring countries played a role.
COCOBOD receives ISO certification
The Quality Control Company (QCC), a subsidiary of the Ghana Cocoa Board (COCOBOD), received certification for global quality and standards for cocoa products from the country.
The ISO certification 17020 and 17025 was acquired through the support of the Ministry of Trade and Industry, the United Nations Industrial Development Organisation, and the Swiss government.
The new certification makes Ghana the only country in the region with such a level of accreditation.
$400 Living Income Differential
Ivory Coast and Ghana teamed up and agreed to sell cocoa with a living income premium of $400 a tonne added to the price, in a bid to reform the way global cocoa is priced.
Forward sale of 80% of cocoa beans
Ghana and Ivory Coast, which account for about 60% of global cocoa output, typically sell about 80% of the main harvest before the beginning of every season, a system which allows it to lock in prices and set the minimum pay for farmers.
Over 2m small-scale farms in both countries
Over 2 million small-scale farms in Ivory Coast and Ghana produce nearly 60% of the world’s supply of cocoa.
Two-cycle cocoa season in Ghana
The country operates a two-cycle cocoa season, consisting of the main crop, which is mainly exported to Europe at a premium, and a light crop harvest, which is discounted by around 20% to local grinders.
Ghana, Ivory Coast get only $5.75bn out of $100bn chocolate market
While the two countries contributed to more than 60% of the world’s cocoa output, their total earning from the sale of cocoa beans amounted to a paltry $5.75 billion whereas the chocolate market was worth some $100 billion in that same year.
Ghana, Ivory Coast produce 60% of world’s cocoa
It means that the farmers whose toil and sweat produced 60% plus of the world’s cocoa earned 5.75% of the global value of their activity.
Nestlé’s annual sales dwarfs GDP of Ivory Coast and Ghana
According to the World Bank, Ivory Coast and Ghana have combined gross domestic product (GDP) of $69.3 billion, a figure dwarfed by Nestlé’s $90 billion in annual sales or a market cap of around $250 billion.
London and New York terminal markets
London and New York terminal markets, using mechanically programmed formulas, determine the price of cocoa.
Cocoa sector contributes 4.22% to GDP
The cocoa sector contributes 4.22% of gross domestic product (GDP), 30% of export earnings.
- VALCO workers asking for dollar indexed salaries untenable – 4 November 2022
- 2022 Fuel price increases: Petrol-94%, diesel-136% in 10 months – 19 October 2022
- Coalition: New producer price too low, it will kill cocoa industry – 18 October 2022
News
Soldier slaps policeman provoking violent clash in Accra Central

A violent scuffle ensued between Police and Military personnel near the Accra Regional Police Command yesterday creating fear and panic among the public.
An eye witness told The Finder that the scuffle was provoked by members of a military patrol team escorting a bullion van who slapped a police personnel not in uniform for not giving them way.
The eye witness who spoke on condition of anonymity explained that upon the bullion van reaching the Ghana Cocoa Board (COCOBOD) area, the soldiers in the patrol vehicle screamed at a motor rider to give them way.
The eye witness said the motor rider responded that he is a police officer and this response infuriated the military personnel.
The eye witness told this paper that one soldier alighted from their vehicle and slapped the policeman who was not in uniform.
The police officer quickly raise alarm and his colleagues at the Accra Regional Command premises rushed to his rescue.
According to the eye witness, the police personnel then detained the military personnel who slapped the police man.
The soldiers escorting the convoy attempted to resist the arrest of their colleague resulting in violent scuffle.
As at the time of going to press, details were still emerging but The Finder could not get the names of the police personnel slapped and the military personnel involved in the assault.
The Police and Military could not be reached immediately for their response.
The Finder learnt that the soldier was granted bail yesterday evening.
The conflict between the military and police is not uncommon in Ghana and in most cases, it the soldiers who attack the police.
In 2010 for instance, tensions flared between soldiers and police officers in Kumasi, when separate assaults carried out by soldiers within two days left 12 police personnel injured and police property destroyed.
The attacks began after a police officer attempted to arrest a soldier riding an unlicensed motorcycle.
In 2019, police personnel and some soldiers clashed at the Suame Roundabout in Kumasi.
This was after some police officers allegedly manhandled a plain-clothed military officer and handcuffed him.
The plain-clothed military officer was using an unregistered motorbike.
The military officer also called his other colleagues, who then attacked the police officers.
The soldier threatened to return with reinforcements and attack the police officer and made good on the threat later that day.
Over the next two days, more than a dozen police officers across the city were assaulted by soldiers.
In 2018, some soldiers and police officers in the Upper East region flexed muscles Sunday in a row over a military uniform.
In the same year, a group of soldiers angry over the arrest of their colleague stormed Tamale in the Northern Region and viciously pummeled police officers on duty at various points and banks.
Personnel of the Counter Terrorism Unit of the Ghana Police Service and personnel of the Military on the Operation Motherland at Juapong and on the Adomi bridge also clashed in 2021.
There has been a long-standing split tension between police and soldiers which some security experts partly blames on the outdated nature of the security legislation governing their operations.
Due to some of these disagreements between police and military personnel in the past, there have been calls for reform to establish clear oversight mechanisms and delineate security roles for the police and armed forces in Ghana.
Among the resolutions arrived at were the setting up of Police and Military memberships in all regions that host military bases, ‘for the purposes of overseeing the peaceful co-existence of both services,
The personnel are the custodians of arms meant to protect and defend ordinary people and not to attack each other.
It appears there is a deep seated animosity between personnel of the two institutions.
It is untenable for them to turn the area into a battleground to settle personal scores.
- VALCO workers asking for dollar indexed salaries untenable – 4 November 2022
- 2022 Fuel price increases: Petrol-94%, diesel-136% in 10 months – 19 October 2022
- Coalition: New producer price too low, it will kill cocoa industry – 18 October 2022
Finance
Kamala Harris: US to engage Ghana’s creditors for debt reduction

Vice-President of the United States of America Kamala Harris pledged the commitment of her country to engage the Paris Club of behalf of Ghana which is seeking debt forgiveness as part of the International Monetary Fund’s (IMF) balance of payment support.
According to her, the US will help Ghana with all the support it needs to ensure that it scales through its current economic crisis.
US fully support Ghana’s engagement with IMF
She indicated that the US is fully in support of Ghana’s engagement with the IMF and will push for debt reduction by the country’s bilateral creditors.
Biden administration to push for meaningful debt reduction
She insisted that the Biden administration “will continue to push for all bilateral creditors to provide meaningful debt reduction for countries that needed including Ghana.”
“We must work together as an international community to ease the debt burden that is facing far too many countries,” she added.
Joint Press Conference
The US Vice-President announced this at a joint Press Conference with President Nana Addo Dankwa Akufo-Addo, at Jubilee House, Accra, after closed door discussions.
3-day state visit
Harris, who arrived in Ghana on Sunday for a three-day state visit, is on a week-long trip on the African continent that would take her to Tanzania and Zambia.
US pledges support for economic recovery
She expressed the commitment of US to supporting Ghana to revamp its post-COVID-19 and Russia-Ukraine conflict impacted economy.
“We welcome Ghana’s commitment to reform its economy for sustainable and inclusive growth. “We support Ghana’s engagement with the IMF, and we will continue to push all bilateral creditors to provide meaningful debt reduction for countries that need it.
“It is critical to do so to build long-term economic growth and prosperity and to increase US investments. Our partnership is already strong, and I believe that today we have strengthened it,” she stated.Harris believes this will enable Ghana successfully negotiate the bailout it is seeking from the IMF.
Factors that adversely affected Ghana’s macroeconomy
The COVID-19 pandemic, rising global food prices, rising crude oil and energy prices; and the Russia-Ukraine war adversely affected Ghana’s macroeconomy, with spillovers to the financial sector.
Combination of adverse external shocks
The combination of adverse external shocks had exposed Ghana to a surge in inflation, a large exchange rate depreciation and stress on the financing of the budget, which taken together have put public debt on an unsustainable path.
$54bn total public debt stock
Ghana’s total public debt stock stands at $54 billion, out of which $28 billion is owed to foreign creditors.
Ghana owes China $1.9bn
Out of Ghana’s $8.5 billion bilateral loans, about $1.9 billion is owed to China.
$3bn staff-level agreement reached in December 2022
In December 2022, the government reached a staff-level agreement with the fund and is now left with board-level approval before it can access the $3 billion support.
America’s investment in wellbeing and prosperity of people
Harris assured that the US stands by its commitment to building on existing relations with Ghana, and working together to advance America’s investment in the wellbeing, health and prosperity of the people,” she stated.
US resident advisor to assist Finance Ministry
According to her, the Department of Treasury’s Office of Technical Assistance (OTA) will deploy a full-time resident advisor to assist the Ministry of Finance to develop and execute medium-to-long-term reforms needed to improve debt sustainability and support a competitive, dynamic government debt market.
Building on debt restructuring efforts
The project, according to the USA will complement and build on Ghana’s debt restructuring efforts.
To further support Ghana’s debt management, USAID is funding fellowships for a team of ten specialists to work within the Ministry of Finance, providing surge support for a two-year period.
The Fellows are all young, qualified Ghanaians and recent university graduates.
Strengthening public financial management
This project is part of OTA’s ongoing engagement to strengthen public financial management and financial sector oversight across sub-Saharan Africa.
For 2023, OTA will execute 25 projects in 15 African countries.
This includes eight new projects in Cameroon, Ghana, Kenya, Madagascar, Namibia, Tanzania, The Gambia, and Zambia in revenue policy and administration; budget and financial accountability; government debt issuance and infrastructure financing; banking and financial services; and economic crimes.
$100m to fight violent extremism and instability
The US Vice-President also announced the US government plans to commit $100 million support package for Ghana, Benin, Guinea, Cote d’Ivoire and Togo, as part of efforts to promote stability in the sub-Region.
At least $86 million in funding over three years will specifically be dedicated to the implementation of the new 10-year plan.
The package forms part of President Joe Biden’s strategy to cushion the beneficiary countries financially to address violent extremism and instability.
The package, the U.S., Vice President explained, complemented an earlier strategic plan announced by President Joe Biden, for coastal West Africa, to prevent conflict and promote stability.
Harris praises President Nana Akufo-Addo
Harris praised President Nana Akufo-Addo for his leadership in response to recent democratic backsliding in West Africa and standing up for democratic principles around the world.
“Under your leadership, Ghana has been a beacon of democracy and a contributor to global peace and security,”
“Your leadership in particular and personal engagement have strengthened the ties between the diaspora and the continent. President Joe Biden and I are grateful to have you as a partner,” she said.
Strengthening partnerships across the African continent
The US Vie-President said the United States was strengthening partnerships across the African continent and “we are guided not by what we can do for Africa, but by what we can do with Africa and African partners on this continent.”
African voices critical to global peace and security
With African nations playing significant roles in global issues such as food security, climate crisis and resilient supply chains, she stressed that African voices, including that of Ghana, “are critical to global peace and security, including the defence of the United Nations charter.”
President Akufo-Addo says meeting was successful
President Akufo-Addo described his meeting with the US Vice-President as “successful,” as both sides reaffirmed the commitment to collaborate further and provide mutual support at both bilateral and multilateral levels.
He said Harris pledged America’s support for Ghana’s transformative agenda, adding, “it is this transformation that would give us the best opportunity to derive maximum benefit from our abundant natural resources and enable us to create a firmer foundation for a meaningful long-term economic and commercial relations with the United States of America.”
The President said Ghana will continue to collaborate with the US at all levels towards the peaceful resolution of conflicts and in the search for global peace and security to promote sustainable development and growth
“My meeting with the US Vice-President this afternoon has further boosted the steadfast cooperation between the two countries,” he affirmed.
He pointed out that although he was concerned about terror groups, he had no formal confirmation that al-Qaida was present in Ghana.
On a question on the operations of the Russian mercenary force, Wagner, in the region, President Akufo-Addo said he worried that the group could expand its footprint in West Africa.
“It raises the very real possibility that once again our continent is going to become the playground for a great power conflict,” Akufo-Addo said.
The President also rejected concerns about China’s influence in the region, insisting that Ghana’s relations with were separate from one another, and said the ties with America “is a relationship that has been close over several decades.”
Ghana determined to add value to its abundant natural resources
President Akufo-Addo said the country was determined to add value to its abundant natural resources in order to lift the economy from dependence on foreign aid to a self-reliant one.
Harris inspects a guard of honour
On her arrival at the Jubilee House, Harris inspected a guard of honour mounted by the Ghana Airforce, and took the national salute, whilst a 21-gun salute boomed in the background.
President Akufo-Addo met her at the foyer of the Presidency, where the two exchanged pleasantries and retired to the ceremonial room for a tete-a-tete.
Both parties reaffirmed the strengthening of the relations and long-standing ties between the peoples of Ghana and the United States and affirmed their resolves to bolster those bonds of friendship and cooperation.
The two leaders, with their delegations, held bilateral talks, where discussions centred on a range of global and regional issues, including democracy, good governance, and human rights; regional security; long-term economic growth and macroeconomic stability.
Harris and her husband, Douglas Emhoff, were hosted at a State Banquet at the Jubilee House by President Akufo-Addo in the evening.
- VALCO workers asking for dollar indexed salaries untenable – 4 November 2022
- 2022 Fuel price increases: Petrol-94%, diesel-136% in 10 months – 19 October 2022
- Coalition: New producer price too low, it will kill cocoa industry – 18 October 2022
Finance
Ofori-Atta says creditors agree to form Committee on Ghana

Finance Minister Ken Ofori-Atta, has disclosed that Ghana has made significant progress in its discussions for debt treatment with the Paris Club and other bilateral creditors.
Official Creditor Committee
According to him, the Paris Club, together with other creditors including China, India, Saudi Arabia, and Turkey have agreed to form an Official Creditor Committee (OCC) on Ghana.
IMF Executive Board approval possible in May
He revealed that the Committee plans to deliver financing assurances to the International monetary Fund (IMF) as soon as possible to clear the path for an IMF Executive Board approval of Ghana’s programme by early May.
Positive engagements with China and Paris Club
Disclosing the outcome of engagements with China and Paris Club last week, Mr Ofori-Atta said discussions with the Chinese government on the country’s debt restructuring programme have been positive.
China to Co-chair the Official Creditor Committee
Mr Ofori-Atta, who led a high level government delegation made up of technical officials from the Ministry of Finance, the Ministry of Foreign Affairs and the Bank of Ghana. to China last week, also requested for China to Co-chair the Official Creditor Committee.
$54bn total public debt stock
Ghana’s total public debt stock stands at $54 billion, out of which $28 billion is owed to foreign creditors.
Ghana owes China $1.9bn
Out of Ghana’s $8.5 billion bilateral loans, about $1.9 billion is owed to China.
$3bn staff-level agreement reached in December 2022
In December 2022, the government reached a staff-level agreement with the fund and is now left with board-level approval before it can access the $3 billion support.
Ghana seeking extension of maturities, debt servicing, lower interest rates
Information indicates that Ghana is seeking among other reliefs, an extension of the moratorium on debt servicing; an extension of maturities; and lower interest rates.
China expresses confidence in management of Ghana’s economy
The Finance Minister of China, Mr. Liu Kun, on his part said that his country has confidence in the management of the Ghanaian economy, and that his country felt a responsibility to be of help as Ghana seeks debt servicing relief.
At a meeting in Beijing, Mr. Kun said the Chinese authorities “have confidence in Ghana’s economic management and its long term economic viability.”
Expeditious treatment of Ghana’s request
Mr. Kun said he wanted to ensure that Ghana’s external debt treatment request was considered expeditiously and was thus accompanied to the meeting with Mr. Ofori-Atta by a high level delegation including Mr. Wu Fuli, Chairman of China Exim-Bank.
Committed to resolving challenges
Minister Kun said: “We know that these are short-term challenges which we, as responsible creditors, remain committed to resolving.”
Long standing and prosperous relationship
“The long standing and prosperous relationship between Ghana and China imposes on us a responsibility to help,” the Chinese Finance minister added.
Exogenous forces impacting Ghana’s economy
He said that just like other African countries, Ghana was facing economic difficulties from a once in a lifetime pandemic, geopolitical tensions and interest rates hikes in advanced countries with a contagion effect on developing countries.
The Chinese officials committed to help Ghana resolve the current short-term liquidity challenges and continue to support Ghana’s medium and long-term development aspirations.
China to push for more concessional and grant funding for Ghana
They said China believed in promoting debt sustainability and sustainable development, and would advocate for more concessional and grant funding for Ghana, especially at this time.
Multilateral Banks should do more for Ghana
“Ghana needs more concessional and grant fund from creditors,” said Mr. Zhang Wencai, Vice-President of China Exim bank, adding that “the Multilateral Banks should therefore do more for Ghana.”
Revenue bills in parliament
This week, all eyes are on Ghana’s parliament which will consider three key revenue measures whose approval is expected to rake in GH₵4.4 billion in domestic revenues.
It is one of the major actions on the part of Ghana, critical to trigger IMF Executive Board approval of a $3 billion facility for the country to ease its current economic difficulties.
- VALCO workers asking for dollar indexed salaries untenable - 4 November 2022
- 2022 Fuel price increases: Petrol-94%, diesel-136% in 10 months - 19 October 2022
- Coalition: New producer price too low, it will kill cocoa industry - 18 October 2022
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