President Akufo-Addo increases producer price of cocoa by 58%

President Nana Akufo-Addo has increased the cocoa producer price by a whopping 58.26% following a successful stakeholder consultation.

A press release by COCOBOD announced that the Government of Ghana, in consultation with stakeholders, has reviewed the Producer Price of cocoa for the rest of the 2023/24 crop year. The news comes barely a week after news broke that the world’s largest cocoa producer Ivory Coast was set to increase the farmgate price to 1,500 CFA francs ($2.47) per kilogram from the current 1,000 CFA.

“The Producer Price of cocoa has been increased 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. This figure translates into GH¢2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April 2024” the release read.

It added that “The increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers in line with the vision of the NPP government and in response to the rising prices of cocoa on the international market.”

Also, the statement explained that the interest of cocoa farmers has been one of the President’s priority since he came into office in 2017. It said, as a result, there has been a sustained increment of the producer price that has seen it rise from “GH¢7,600 per tonne in the 2016/17 cocoa season” to “GH¢33,120 per tonne for the rest of the 2023/24.”

Meanwhile, the government has also increased the buyer margin for the rest of the season. The review has set the new “Buyers’ margin to GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa season. This increase is expected to cushion the LBCS against the increase in finance cost due to an increase in the producer price of cocoa.”