New cocoa pricing formula will leave farmers worse off – Oppong Nkrumah warns

Speaking on JoyNews’ PM Express on Tuesday, the Ranking Member on Parliament’s Economy and Development Committee said the Minority had asked Parliament not to rush the Cocoa Board reforms bill because of its far-reaching impact on the industry.

Mr Oppong Nkrumah said the proposed pricing formula raises serious concerns because it could undermine the minimum guaranteed farm-gate price that cocoa farmers currently rely on.“It will put a lot of our cocoa farmers at a disadvantage because what it will do is that it will not be able to do what we have done from times past, provide what we call the minimum guarantee farm-gate price,” he said.