Economist, Peter Terkper, has commended government’s recent adjustment to cocoa prices, describing it as a significant move that could help curb smuggling the commodity into neighbouring countries.
He noted that the current price of cocoa, which stands at 3,000 dollars per bag, reflects a substantial increase of nearly 50 percent, marking a positive development for cocoa farmers.
Speaking to Business News, Mr. Terkper however urged government to implement measures to support farmers during lean seasons to prevent the selling of cocoa farms for alternative purposes such as mining, which could negatively affect the economy.
Mr. Terkper warned that illegal mining, or “galamsey,” poses a major threat to Ghana’s cocoa industry, potentially degrading the quality of cocoa and diminishing its global market value.
He emphasised the need for the government to protect cocoa farmlands to ensure sustainable revenue for the economy, which could ultimately reduce tax burdens on businesses.
