Election 2024: Alan promises prosperity for Cocoa farmers, end to syndicated loans

The founder and leader of the Movement for Change, Alan Kyerematen, has promised to drive economic growth for the country’s cocoa farmers by focusing on reform and greater financial independence.

He promised to end the syndicated loan scheme, which he argues has placed a burden on the industry by creating dependence on external financing.

Speaking to a gathering of chiefs and local communities in the Ahafo Region, as part of his Caravan Campaign Tour, Alan condemned the current and previous administrations for what he describes as exploiting cocoa farmers of their rightful income.

“The current system forces the government to borrow about $2 billion annually under the guise of helping cocoa farmers, yet pays them in cedis. This discrepancy shortchanges farmers as our currency loses value, causing their earnings to be used to service growing debts.

“By financing our cocoa purchases with local cedi-denominated funds, we ensure that when our cocoa is sold internationally, both the country and farmers gain full value. No more will our farmers’ hard work serve only to pay off foreign loans,” he stated.

Referencing the current global price of cocoa, which stands at a record $7,960 per ton, Alan criticised the government for its failure to translate these high prices into fair earnings for Ghanaian farmers.

“With prices this high, it’s unforgivable that our farmers still struggle with inadequate compensation. The government is not paying them nearly what they deserve,” he stated.

Alan Kyerematen added that when he is voted for and wins the 2024 presidential elections, he would process at least 70% of Ghana’s cocoa locally, converting raw cocoa into finished products like chocolate to increase revenue.

“The real value of cocoa lies in what we create from it. If we export finished products, our farmers will finally see the prosperity they deserve,” he explained, emphasising that Ghana’s status as the world’s second-largest cocoa producer should be leveraged for greater economic gains.

The leader of the Movement for Change also noted that the current pollination costs in the cocoa sector are a barrier for most farmers, which, according to him, has reduced yields significantly.

“Our cocoa farmers deserve access to free pollination services to boost their yield. Under my leadership, pollination will be free, allowing farmers to cultivate and harvest more efficiently,” he promised, eliciting cheers from the audience.

Additionally, Alan Kyerematen also laid out plans to deepen private sector participation in the cocoa sector, including offloading shares of COCOBOD on the Ghana Stock Exchange.

He proposed a share option scheme that would give farmers a stake in the cocoa market, empowering them to reap greater financial rewards from their hard work.

“It’s time for our farmers to have ownership in the industry they sustain,” he noted.

“This is about giving our cocoa farmers the prosperity they deserve,” he concluded.

Again, he said with COP29 focusing on climate financing; it was important for developed countries in particular to make financial commitments to accelerate the green transition.