Alan Kyerematen, the founder and leader of Ghana’s Movement for Change, has pledged to revamp the country’s cocoa sector by introducing reforms aimed at boost growth and reducing financial dependency.

Addressing a crowd in the Ahafo Region as part of his campaign tour, Mr. Kyerematen promised to eliminate the syndicated loan system, which he believes has saddled the cocoa industry with excessive external debt.

Under the current model, Ghana borrows around $2 billion annually to support cocoa farming, yet pays farmers in cedis—a system Mr. Kyerematen criticizes for unfairly diminishing farmers’ earnings as the local currency depreciates. “When we finance cocoa purchases using cedi-denominated funds, farmers and the nation retain the full value of their efforts without having to pay off foreign loans,” he argued.

Citing the global price of cocoa, which has reached a historic $7,960 per ton, Mr. Kyerematen condemned both current and past governments for failing to pass on the benefits of these high prices to Ghanaian farmers.

If elected in the upcoming 2024 presidential election, Mr. Kyerematen also vowed to transform Ghana’s cocoa industry by processing at least 70% of cocoa locally. He envisions exporting finished products, such as chocolate, which he believes will significantly boost income for farmers.

“The real value lies in what we create from cocoa,” he said, asserting that Ghana’s standing as the world’s second-largest cocoa producer should bring greater returns for the nation and its farmers.

Additionally, Mr. Kyerematen highlighted the high pollination costs in the sector, which he says have hindered farmers’ productivity. He promised free pollination services under his leadership, allowing farmers to “cultivate and harvest more efficiently.”

The speech was met with enthusiastic applause from community leaders and locals, reflecting growing interest in Mr. Kyerematen’s vision for Ghana’s cocoa future.

Source:TheDotNews