The government of Ghana through the Ghana Cocoa Board has increased the Producer price of cocoa by 58.26% for the 2023/2024 crop season.
The recent increase sums up to 336% accumulatively from GH$7,600 per tonne in the 2016/17 cocoa season to GH¢33,120 per tonne for the rest of the 2023/24 cocoa season.
Government approved a review of the Buyers’ margin to GH&2,980.00 per tonne for the rest of the 2023/24 cocoa season with the new price adjustments and margins taking effect from Friday, April 5, 2024.
A statement signed the Chief Executive of Ghana Cocoa Board said “The Producer Price of cocoa has been increased by 58.26% from GH420,928 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”.
It added that “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.”
Read full statement from Ghana Cocoa Board below
