COCOBOD denies Cocoa price hike, warns against misinformation

Ghana Cocoa Board (COCOBOD) has dismissed claims circulating on social media that the government has announced an increase in cocoa prices, stating that such reports are entirely false.

The regulatory body has urged stakeholders and the public to disregard the misinformation and rely only on official communication channels for accurate updates on cocoa pricing.

The social media flyer suggests that the Minister for Food and Agriculture, Eric Opoku, had declared that cocoa farmers would be paid 70% of the world market price, but this has been labeled as misleading by COCOBOD.

“Our attention has been drawn to a false flyer circulating on social media claiming that the Minister for Food and Agriculture has announced an increase in cocoa prices. This information is completely untrue.

“We urge our cherished stakeholders and the public to disregard this fake news and rely only on official communication from COCOBOD and the Ministry,” COCOBOD wrote on it social media page.

The development comes at a time when cocoa farmers and industry players are keenly watching for any potential price adjustments amid global market fluctuations.

The issue of cocoa pricing remains a sensitive one as the country continues to grapple with challenges in the sector, including rising production costs, declining output, climate-related risks, and the impact of global cocoa supply and demand trends.

Cocoa farmers have been advocating for better prices to reflect the realities of their operational costs, but COCOBOD says any price changes will be announced through the appropriate channels.