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Alan Kyerematen, founder and leader of the Movement for Change, has outlined a bold vision to enhance economic growth for Ghana’s cocoa farmers through targeted reforms and financial self-reliance.
Kyerematen pledged to end the syndicated loan scheme, arguing that this practice has led to over-reliance on external financing, ultimately burdening the industry. Speaking to chiefs and local communities in the Ahafo Region during his Caravan Campaign Tour, he criticized both the current and previous governments, accusing them of depriving cocoa farmers of their deserved 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,” Kyerematen explained.
He argued for financing cocoa purchases with locally denominated funds, saying, “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.”
Kyerematen highlighted the record-high global price of cocoa, currently at $7,960 per ton, and criticized the government for not reflecting these prices in farmers’ compensation. “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.
If elected in the 2024 presidential election, Kyerematen vowed to process at least 70% of Ghana’s cocoa locally, turning raw cocoa into finished products such as chocolate to boost 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 asserted, emphasizing the potential for economic gains from Ghana’s position as the world’s second-largest cocoa producer.
He also highlighted the high pollination costs that reduce cocoa yields and promised to introduce free pollination services to help farmers increase production. “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 said, drawing enthusiastic support from the crowd.
Further, Kyerematen outlined plans to increase private sector involvement in the cocoa industry, proposing that shares of COCOBOD be listed on the Ghana Stock Exchange. He introduced a share option plan that would give farmers a stake in the cocoa market, offering them a chance to benefit directly from the industry’s success. “It’s time for our farmers to have ownership in the industry they sustain,” he emphasized. “This is about giving our cocoa farmers the prosperity they deserve.”
Reflecting on COP29’s focus on climate financing, Kyerematen also stressed the need for developed countries to commit financially to speeding up the green transition.
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