Election 2024: Alan promises prosperity for Cocoa farmers, end to syndicated loans
13th November 2024
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.
“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.
“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.
“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.
“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.
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.
“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.