Government Raises Cocoa Producer Price by 45% for 2024/25 Crop Season

The government has announced a 45% increase in the producer price of cocoa for the 2024/2025 crop season.

This brings the price of a 64-kilogram bag of cocoa beans to GH¢3,000, up from GH¢2,070.

Speaking at a press briefing, the Minister for Food and Agriculture, Bryan Acheampong, explained that this cumulative increase represents a 129.6% rise from the start of the 2023/2024 crop season, when a bag was initially priced at GH¢1,300.

The price hike follows market trends and adjustments in response to global cocoa prices.

“On September 9, 2023 in Tepa we officially announce the opening of the cocoa season. In between time, we have been offering different prices on the market during trading. The most significant one worth announcing was the increase from GH¢1300 to GH¢2070. So in announcing a new price today, you have to now relate it to what announcement you made at the beginning of your season. At the beginning of last year’s season and the increase now 129.6 percent” he explained.

At the start of the 2023/2024 crop season, a bag of 64kg of cocoa beans was sold at GH¢1,300 and was subsequently increased to GH¢2,070 when the spot price went up on the world market under the same period. For the 2024/2025 crop season, the producer price has been increased to GH¢3,000.

Cumulatively, this represents an increase of by 129.6% for the 2024/2025 crop season.

By this, the new price for the 2024/2025 season has increased to GH¢3,000 from GH¢2,070 representing 45 percent surge.