The producer price for cocoa is pegged at GH¢2, 070 effective April 5 this year.
This follows the upward review of the producer price by government in consultation with stakeholders in the cocoa sector.
A statement signed and issued in Accra by the Chief Executive of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, said the new producer price would be in force for the rest of the 2023–2024 cocoa season.
“The Producer Price of cocoa has been increased by 58.26 per cent 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, April 5, 2024,” it stated.
In addition, the statement said, the government had further revised the Buyers’ margin to GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa season.
“Government has also approved a review of the 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,” it stated.
The statement explained that, the increase in the producer price of cocoa had become necessary to enhance the income of cocoa farmers in line with the vision of the government and in response to the rising prices of cocoa on the international market.
“The welfare of cocoa farmers is dear to the heart of Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana. It is for this reason that since the NPP government assumed office in 2017, the producer price of cocoa has been increased by 336 per cent from GH¢7,600 per tonne in the 2016/17 cocoa season to an unprecedented level of GH¢33,120 per tonne for the rest of the 2023/24 cocoa season,” the statement added.
BY TIMES REPORTER