The Ghanaian government has announced a substantial increase of 58.26% in the producer price of cocoa. The price has been raised from GHC 20,928 per tonne to GHC 33,120.00 per metric tonne for the remainder of the 2023/24 cocoa season. Apexnewsgh reports
This adjustment equates to GHC 2,070 per bag of 64 kg gross weight and will come into effect on Friday, 5 April 2024.
A statement released by the Ghana Cocoa Board (COCOBOD) on the same day confirmed that the government has also sanctioned the revision of the buyers’ margin to GHC 2,980.00 per tonne for the same cocoa season.
The decision to raise the producer price and review the buyers’ margin was arrived at after extensive consultations with stakeholders in the cocoa industry.
“The Government of Ghana, in collaboration with stakeholders, has revisited the producer price of cocoa for the remaining period of the 2023/2024 crop year,” stated the COCOBOD announcement.
The statement further highlighted that the increase in the producer price of cocoa was a vital step to augment the income of cocoa farmers, aligning with the vision of the NPP government and reacting to the escalating cocoa prices on the global market.
This move signifies the government’s commitment to supporting cocoa farmers and ensuring their sustainability in the industry, while also responding to market dynamics to keep the sector competitive and prosperous. The adjustment in cocoa prices aims to provide a fair and sustainable income for cocoa farmers and foster growth in Ghana’s cocoa sector.
Source: Apexnewsgh.com/Ghana
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