Ghana government hikes cocoa producer price by 58.26%

The Ghana government has increased the cocoa producer price by 58.26 per cent for the rest of the 2023/2024 season.

The decision reached in consultation with stakeholders moved the price per tonne to GH¢33,120.00 from GH¢20,928.

The figure translates into GH¢2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April 2024.

“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,” a statement from Ghana Cocoa Board said.

“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 ssumed 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 added.

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.

The new price and margins take effect from Friday, 5th April 2024

Source: GNA