The Ghana Cocoa Board has announced a significant 58.26% increase in the producer price of cocoa, bringing the price per bag to GH¢2,070 for the 2023/24 cocoa season.
According to a press release issued by the Cocoa Board, the new producer price of GH33, 120 per tonne is up from the previous GH¢20,928 per tonne which will take effect from April 5.
“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 statement reads in part.
The move aims to boost the incomes of Ghana’s cocoa farmers as global cocoa prices surge.
“The welfare of cocoa farmers is dear to the heart of His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana,” the release further noted.
Since taking office in 2017, the Akufo-Addo government has steadily increased the producer price by over 336%, according to the Cocoa Board, demonstrating its commitment to improving livelihoods in rural farming communities.
While the higher prices will benefit farmers, the Cocoa Board also announced a review of the Buyers’ Margin to GH$2,980 per tonne “to cushion the LBCs against the increase in finance cost.”
The new prices and margins take effect immediately as of April 5, promising a boost to incomes across the Ghana’s cocoa sector.