Ghana Cocoa Board has announced a 45 percent increment in the producer price of cocoa for the 2024/25 season.
This raises the farmgate price from GHS2,070 to GHS3,000 per 64-kilo bag of cocoa beans and GHS48,000 per metric tonne.
“We are pleased to announce that the producer price of cocoa for the 2024/25 season is GH¢48,000.00 per tonne or GH¢3,000.00 per 64kg bag.
On an inter-season basis, it has been increased from GH¢20,928.00 per tonne or GH¢1,308.00 per 64 kg bag at the opening of 2023/24 season to now GH¢48,000.00 per tonne or GH¢3,000.00 per 64 kg bag,” Bryan Acheampong, the Minister for Food and Agriculture, said in a press conference in Accra.
Ghana last increased the cocoa producer price on April 5, 2024, by 58.26%, from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season.
That figure translated to GH¢2,070 per bag of 64 kg gross weight from GH¢1308.99 and takes effect from Friday, April 5, 2024.
The new government-approved cocoa farmgate price woefully falls short of the conservative rate recommended by the cocoa-farmers-backed Ghana Civil-society Cocoa Platform (GCCP).
GCCP Co-coordinator, Obed Owusu-Addai, said the farmer group is anticipating a 65-70% rise in the farmgate price of cocoa to GH₵3,583 per 64-kilogram bag of cocoa beans for the 2024/2025 season.
The 2024/25 price, margins, rates, and fees for other service providers, including hauliers, are said to take effect from today, Wednesday, 11th September 2024.
The cocoa sector in the West African cocoa-producing country faces four difficult challenges namely disease, illegal mining, climate change and cross-border cocoa smuggling.
Despite the problems, Acheampong claimed, that “the cocoa industry remains robust, resilient, and sustainable for present and future generations.”
He added, “This appreciable increment in the producer price of cocoa signifies the government’s commitment to improve the sector and the livelihoods of the Ghanaian cocoa farmer.”
Meanwhile, Ghana’s cocoa producer price announcement also coincided with the opening of the 2024/25 cocoa season, signalling a green light for farmgate cocoa purchasing activities to commence.
- Ghana Announces 45% Increase in Cocoa Producer Price - September 11, 2024
- Illegal Mining Threatening Ghana’s $230M Cocoa Rehabilitation - April 10, 2024
- Ghana Raises Cocoa Farmgate Price by 58.26% to GHC2,070 per bag - April 5, 2024