Government in consultation with stakeholders in the cocoa sector, has reviewed the producer price for cocoa upwards, as a bag of the cash crop is pegged at GHC2,070, effective today, Monday, April 5.
This means that the new price will be in force for the rest of the 2023–2024 cocoa season.
The Ghana Cocoa Board (COCOBO) announced the new price in a statement dated April 5. It said the increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers.
“The Producer Price of cocoa has been increased by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season. This figure translates into GH$2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April 2024.”
“The increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers in line with the vision of the NPP government and in response to the rising prices of cocoa on the international market.
“The welfare of cocoa farmers is dear to the heart of His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana. It is for this reason that since the NPP government assumed office in 2017, the producer price of cocoa has been increased by 336% from GH¢7,600 per tonne in the 2016/17 cocoa season to an unprecedented level of GH¢33,120 per tonne for the rest of the 2023/24 cocoa season.”
The increment also comes on the back of calls from the minority in Parliament for the government to increase the farm-gate price of cocoa in the face of the global cocoa price hikes.
