In a bid to bolster the income of cocoa farmers, government through the Ghana Cocoa Board (COCOBOD) in consultation with other stakeholders has announced a significant increase in the Producer Price of cocoa, soaring by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the remainder of the 2023/24 cocoa season. This adjustment equates to GH¢2,070 per bag of 64 kg gross weight and comes into effect as of Friday, April 5th, 2024.
The Chief Executive of COCOBOD, Dr. Joseph Boahen Aidoo, disclosed this development through a press statement, citing the necessity to align with the vision of the NPP government and address the surge in cocoa prices on the global market.
According to the statement, the welfare of cocoa farmers remains a top priority for His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana. Since the NPP government assumed office in 2017, there has been a remarkable 336% increase in the Producer Price of cocoa, rising from GH¢7,600 per tonne in the 2016/17 season to an unprecedented GH¢33,120 per tonne for the current 2023/24 cocoa season.
In addition to the Producer Price hike, the government has also sanctioned a review of the Buyers’ margin, raising it to GH¢2,980.00 per tonne for the same period. This adjustment aims to alleviate financial burdens on Licensed Buying Companies (LBCs) stemming from increased finance costs due to the heightened cocoa price.
Both the new Producer Price and Buyers’ Margin adjustments will take effect immediately, starting from Friday, April 5th, 2024, heralding a positive turn for cocoa farmers amidst global market fluctuations.
By Eugene Davis
