Government announces 45% hike in cocoa producer price for 2024/25 crop season

Accra, Ghana - September 12, 2024 - The government has announced a significant increase in the producer price of cocoa for the 2024/2025 crop season, raising it by 45% to GH¢3,000 per 64kg bag, up from GH¢2,070.

The new price marks a substantial surge from the GH¢1,300 per bag price at the start of the 2023/2024 crop season, which was later increased to GH¢2,070 due to rising global market prices.

This move represents a cumulative increase of 129.6% for the entire season, according to Minister for Food and Agriculture, Dr. Bryan Acheampong, who made the announcement at a press briefing.

“On September 9, 2023 in Tepa we officially announce the opening of the cocoa season. In between time, we have been offering different prices on the market during trading. The most significant one worth announcing was the increase from GH¢1300 to GH¢2070. So in announcing a new price today, you have to now relate it to what announcement you made at the beginning of your season. At the beginning of last year’s season and the increase now 129.6 percent” he explained.

Dr. Acheampong also disclosed that COCOBOD aims to produce 650,000 metric tonnes of cocoa for the 2024/2025 season, attributing the modest target to unfavorable weather conditions in the West African region.

He assured that measures are in place to support farmers in adopting modern farming practices to boost production.

"You can ask the farmers about the effect of the El Nino conditions which affected many of our farmlands," he stated.

Source: Lead News Online