In a significant move to support cocoa farmers and strengthen the agricultural sector, the government has announced a 45% increase in the producer price of cocoa for the 2024/2025 crop season. Apexnewsgh reports
The new price of GHS3,000 per 64-kilogramme bag of cocoa beans marks a substantial rise from the previous price of GHS2,070.
At a press briefing, Minister for Food and Agriculture, Dr. Bryan Acheampong, highlighted the scale of the price increase, noting that it represents a cumulative rise of 129.6% over the course of the entire season.
He explained that the latest price adjustment follows an earlier increase at the start of the 2023/2024 crop season, which was driven by a spike in the global market spot price.
The new rate of GHS3,000 per bag is expected to provide a strong incentive for farmers, and Dr. Acheampong outlined an ambitious production target of 650,000 metric tonnes for the 2024/2025 season.
He noted that the Ghana Cocoa Board (COCOBOD) is implementing measures to help farmers increase their yields through modern farming techniques, despite challenging weather conditions across West Africa.
Despite these challenges, Dr. Acheampong expressed confidence that COCOBOD could surpass its production projections by the end of the season.
The price increase is set to provide a significant economic boost to cocoa farmers across the country, strengthening the nation’s agricultural sector.
Source: Apexnewsgh.com
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