As of the 2023–2024 crop year, the Ghana Cocoa Board has announced a 58.26 percent price increase for cocoa for the rest of the crop year.
The statement said the new price, which takes effect today, has become necessary to enhance
"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.
The statement further said President Nana Addo Dankwa Akufo Addo had the welfare
"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," 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 costs due to an increase in the producer price of cocoa.
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