The management of the Ghana Cocoa Board (COCOBOD) has announced for the information of the general public, especially stakeholders in the cocoa value chain, an increase in the Producer Price of cocoa from Gh¢48,000.00 per tonne (GH¢3,000.00 per bag of 64kg) to GH¢49,600.00 per tonne (GH¢3,100 per bag of 64kg).A statement issued by COCPOBD said that this new increase, which took effect on Friday, 8th November 2024, aims to support Ghanaian cocoa farmers by offering an improved income.The decision also underscores the Government's commitment to ensuring that Ghanaian cocoa farmers receive fair compensation and remain competitive within the global market, the statement added."This move is expected to boost farmer confidence, enhance income stability, and strengthen the partnership between COCOBOD and the farming community.
COCOBOD will continue to institute measures and policies that contribute to the growth and sustenance of the cocoa industry," the statement said.President Nana Addo Dankwa Akufo-Addo had also said that the upward adjustment in cocoa prices is aimed at reflecting the government's dedication to ensuring that farmers benefit from evolving market conditions.In addition to an increment in the cocoa producer price, the President has also unveiled an expansion of the Cocoa Scholarship Scheme.He made the announcements at the 40th National Farmers' Day celebration, held on Friday, 8th November 2024.The first announcement was a rise in the producer price of cocoa.
Based on the recommendations of the Producer Price Review Committee, the price per tonne has been adjusted from GH¢48,000 to GH¢49,600, translating to an increase from GH¢3,000 to GH¢3,100 per bag. "Our farmers are the backbone of our economy, and they deserve a fair reward for their hard work," President Akufo-Addo remarked. "This price increase represents my commitment to ensuring that, as market conditions evolve, our farmers see their incomes periodically reviewed and strengthened."Ghana, as one of the world's largest cocoa producers, relies heavily on cocoa exports for national revenue.
However, global cocoa prices can fluctuate significantly, often impacting farmers who rely on stable income from their cocoa yields.