The Ghana Cocoa Board has announced a 58.26 per cent increase in the cocoa producer price from GH¢20,928 to GH¢33,120.00 per metric tonne for the rest of the 2023/24 cocoa season.
A statement released on Friday, April 5, 2024, and signed by the Chief Executive Officer of COCOBOD, Joseph Boahen Aidoo, said the figure translates into GH¢ 2,070 per bag of 64 kg gross weight.
The price increment takes effect from Friday, April 5, 2024.
The statement added that the increment was necessary to enhance the income of cocoa farmers, and it was reviewed after consultation with the stakeholders.
“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, April 5 2024,” the statement read.
“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,” it added.
Additionally, the statement indicated that President Nana Addo Dankwa Akufo-Addo had the welfare of the cocoa farmers at heart, hence the increase.
“The welfare of cocoa farmers is dear to the heart of His Excellency Nana Addo Dankwa AkufoAddo, 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,” it stated further.
The government has also approved a review of the Buyers’ margin to GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa season.
This increase is expected to cushion the Licensed Buying Companies (LBCs) against the increase in finance cost due to an increase in the producer price of cocoa.
Earlier, the General Agricultural Workers Union (GAWU) challenged the government to increase the farmgate price of cocoa by 150 per cent.
The union was of the view that such an increase would not only encourage farmers to produce more but also help reduce practices where farmlands are sold to illegal miners.
Below is the full statement on the producer price of cocoa increment:
