AYARIGA MOCKS STRUGGLING COCOA FARMERS OVER PRICE SLASH!

However, speaking on the floor of Parliament on Tuesday, February 17, Mr Ayariga rejected claims that the downward review breaches any legal framework governing cocoa pricing.

“Cocoa prices can be reviewed upwards and can also be reviewed downwards, and when you review it downwards, it’s not illegal. In the same way, when you review it upwards, it’s also not illegal. So the charge that reviewing it is illegal is unfounded both in law and in practice,” he stated.

He further dismissed assertions that the current financial strain in the cocoa sector was caused by the government’s failure to sell all cocoa beans forward on the international market.

According to him, forward sales have always covered only a portion of annual production, and not the entirety of Ghana’s cocoa output.

“Mr Speaker, the charge that if the cocoa beans had been sold forward, we would not have faced this crisis is also unfounded because, indeed, a significant portion of the cocoa was sold forward,” he explained.

“Every year, it is only a percentage of the cocoa that is part of forward sales. It’s not every bean that you do forward sales. Very often, you stop at 70% of the cocoa.”

The Majority Leader maintained that the government’s actions were guided by prevailing market realities and standard industry practice, urging stakeholders to focus on long-term reforms to stabilise the cocoa sector rather than politicising price adjustments.