Ghana increases farmgate of cocoa price by 58%, now GH₵33,120 per tonne
The Ghana Cocoa Board has announced a 58.26 per cent increase in the producer price of cocoa with price per bag pegged at GH₵2,070 for the rest of the 2023/24 crop year.
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A statement released on Friday, April 5, and signed by the CEO, Joseph Boahen Aidoo said the new producer price of GH¢33,120 per tonne was up from the previous GH¢20,928 per tonne.
The statement said the new price, which takes effect from today, has become 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, 5th April 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.
The statement further said President Nana Addo Dankwa AkufoAddo had the welfare of the cocoa farmers at heart hence the increment.
"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 LBCs against the increase in finance cost due to an increase in the producer price of cocoa.
