Gov’t increases cocoa price to GHC2,070 per bag

Government in consultation with stakeholders in the cocoa sector, has reviewed the producer price for cocoa upwards, as a bag of the cash crop is pegged at GHC2,070, effective Friday, April 5.

This means that the new price will be in force for the rest of the 2023–2024 cocoa season.

The Ghana Cocoa Board (COCOBO) announced the new price in a statement dated April 5. It said the increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers.

“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, 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.

“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.”

The increment also comes on the back of calls from the minority in Parliament for the government to increase the farm-gate price of cocoa in the face of the global cocoa price hikes.

The National Communication Officer of the National Democratic Congress (NDC), Sammy Gyamfi, posted the statement on X.

The statement accused the government of mismanagement and corruption in the cocoa sector, stating that the low prices being paid to farmers are leading to worsening living conditions for cocoa farmers.