In his bid to transform Ghana’s economy, Movement for Change presidential candidate Alan Kyerematen has promised a new dawn for cocoa farmers, particularly in the Ahafo region, where the population relies heavily on cocoa. cocoa cultivation. Addressing a gathering of local chiefs and communities during his Caravan campaign tour, Mr. Kyerematen boldly condemned the current and previous administrations for exploiting cocoa farmers, blaming both the NPP and the NDC to “deprive farmers of their legitimate income”.

Alan Kyerematen announced his commitment to abolish the long-standing cocoa syndicated loan system, which relied on borrowing in dollars to pay farmers in cedis. He explained that this system directly harmed farmers due to currency depreciation. “The current system requires the government to borrow around $2 billion per year under the pretext of helping cocoa farmers, while paying them in cedis. This gap hurts farmers as our currency loses value, forcing their income to pay off growing debts,” he said.

To replace this system, Mr. Kyerematen presented an innovative approach: borrowing locally in cedis to finance cocoa purchases. “By financing our cocoa purchases with local cedi-denominated funds, we ensure that when our cocoa is sold internationally, the country and farmers fully benefit. The hard work of our farmers will no longer be used only to repay foreign loans,” he assured.

Highlighting the current global price of cocoa, which stands at a record high of $7,960 per tonne, Alan criticized the government’s failure to translate these high prices into fair income for Ghanaian farmers. “With prices this high, it is unforgivable that our farmers continue to find themselves facing insufficient compensation. The government is not paying them exactly what they deserve,” he said, adding that his administration would prioritize value addition to cocoa exports.

As part of his Grand Transformation Plan, Mr Kyerematen has committed to locally processing at least 70% of Ghana’s cocoa, converting raw cocoa into finished products like chocolate to increase income. “The true value of cocoa lies in what we create from it. If we export finished products, our farmers will finally experience the prosperity they deserve,” he explained, stressing that Ghana’s status as the world’s second largest cocoa producer should be leveraged to generate greater economic gains.