Ghana Sets New Cocoa Producer Price at US$5,040 per Tonne
The new price stands at US$5,040 per tonne, marking a significant jump from the previous price of US$3,100 per tonne thus approximately 62.58% increase from the previous season's price.
This decision was made by the Producer Price Review Committee (PPRC) on Cocoa, chaired by the Minister for Finance Dr. Cassiel Ato Forson ,aims to support Ghanaian cocoa farmers by providing them with improved income and enhancing their livelihoods.
The increased producer price is expected to boost farmer confidence, enhance income stability, and strengthen the partnership between the Ghana Cocoa Board (COCOBOD) and the farming community.In a Facebook post, Ato Forson mentioned that the recent move is part of government's efforts to sustain the growth and development of the cocoa industry.
Cocoa prices have been volatile in recent times, influenced by factors such as global supply shortages, disease pressures, and climate change. Despite hopes for a better crop in the 2024/25 season, cocoa prices are expected to remain high in the medium term.
By increasing the producer price, Ghana aims to maintain its competitiveness in the global cocoa market while ensuring that farmers receive a fair share of the profits. This decision is likely to have a positive impact on the livelihoods of cocoa farmers and the overall performance of the cocoa industry in Ghana.
Source – Lead News Online/Leticia Okpoti
