Imani Africa said the research aims to shed the light on happenings in the cocoa industry.

Outdooring the report, Research Consultant at Imani Africa, King Carl Duho, said the respondents indicated that the current price offered the farmers is less than their expenditure and does not correspond with the international market price.

Mr Duho said that there is a lack of transparency between the pricing committee and the farmers.

"Also 88 percent of the farmers claim they have no knowledge about the pricing mechanism, meanwhile the farmer-based organisation representing the farmers is Cocoshea."

“Majority of the farmers also think that they are being offered a price that is lower than the national price announced and about 95 percent of the farmers are not satisfied with the current producer price,” he added.

This is coming after COCOBOD increased the producer price for cocoa by to GHC8,249 per tonne

Even though the survey did not capture this review, most of the farmers interviewed still maintained that they feel cheated.

The report added that COCOBOD did not meet the expectation of farmers and other stakeholders.

Commenting on the research, the Country Representative of the International Monetary Fund, Albert Touna Mama indicated that setting a producer price for cocoa alone will not determine the status of the industry.

He explained that even though the price is a great factor, stakeholders must pay attention to issues of unfamiliarity of modern methods of farming, good transport systems amongst others.