Ghana’s government has increased the price it pays cocoa farmers by 45% for the 2024/2025 season. Farmers will now receive GH¢3,000 for each 64-kilogram bag of cocoa beans, up from the previous price of GH¢2,070.
According to the Minister for Food and Agriculture, Bryan Acheampong, the cumulative rise from last season represents a 129.6% hike. “On September 9, 2023, in Tepa, we officially announced the opening of the cocoa season,” Acheampong said. “We’ve since offered different market prices, but today’s increase is significant.”
At the beginning of the 2023/2024 season, a bag of cocoa beans sold for GH¢1,300. The price later rose to GH¢2,070 as global market conditions shifted. Now, the government has set a new price of GH¢3,000 for the 2024/2025 season.
2024/2025 target
Announcing the target for next season, Acheampong disclosed that the Ghana Cocoa Board is hoping to produce 650,000 metric tonnes. According to him, adequate measures have been introduced to help farmers increase production, using modern farming practices.
He added that the target would have been above the projection if the West African region had not experienced bad weather conditions.
“You can ask the farmers about the effect of the El Nino conditions which affected many of our farmlands,” Acheampong said.