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In a bid to boost the income of cocoa farmers, the Government of Ghana, in consultation with stakeholders, has announced a significant increase in the Producer Price of cocoa for the remainder of the 2023/24 cocoa season.
The Producer Price has been raised by 58.26%, from GH¢20,928 per tonne to GH¢33,120.00 per tonne, effective from Friday, 5th April 2024. This increase translates to GH¢2,070 per bag of 64 kg gross weight.
This move, according to the Ghana Cocoa Board, is in line with the vision of the NPP government and aims to address the rising prices of cocoa on the international market.
Since assuming office in 2017, the NPP government has consistently raised the Producer Price of cocoa, increasing it by 336% from GH¢7,600 per tonne in the 2016/17 cocoa season to the current GH¢33,120 per tonne.
Additionally, the government has approved a review of the Buyers’ margin to GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa season.
This adjustment is intended to support Licensed Buying Companies (LBCs) in managing the increase in finance costs resulting from the higher producer price of cocoa.
