The government of Ghana has increased the producer price of cocoa by 58.26 percent from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season.
The new price of cocoa translates to GH¢2,070 per bag of 64 kg gross weight and it takes effect from Friday, 5th April 2024.
The government through Ghana Cocoa Board announced this after a collaboration with stakeholders to review the producer price of cocoa for the rest of the 2023/24 crop year.
“The government of Ghana, in collaboration with stakeholders, has reviewed the producer price of cocoa for the rest of the 2023/24 crop year. The producer price of cocoa has been increased by 58.26 percent 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 to GH¢2,070 per bag of 64 kg gross weight and it takes effect from Friday, 5th April 2024.” The statement said.
According to the statement, the increament in cocoa prices has become neccesary due to rising prices of cocoa on the international market.
“The increase in the producer price of cocoa has become necessary to enhance the income of the cocoa farmer in line with the vision of the NPP government in response to the rising prices of cocoa on the international market.” It added.
Ghana Cocoa Board indicated that welfare of cocoa farmers is the priority of the Nana Addo led NPP government.
“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 the reason that since the NPP government assumed in 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.” Part of the statement read.
Below is the full statement
Review of the producer prices of cocoa for the 2023/24 cocoa season producer price
The government of Ghana, in collaboration with stakeholders, has reviewed the producer price of cocoa for the rest of the 2023/24 crop year.
The producer price of cocoa has been increased by 58.26 percent 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 to GH¢2,070 per bag of 64 kg gross weight and it takes effect from Friday, 5th April 2024.
The increase in the producer price of cocoa has become necessary to enhance the income of the cocoa farmer in line with the vision of the NPP government 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 the reason that since the NPP government assumed in 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.
Buyers’ Margin
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.
Source: Elvisanokyenews.com
