The Ghanaian government has announced a significant increase in the Cocoa producer price by 58.26% for the remainder of the 2023/2024 season. Following consultations with stakeholders, the decision elevates the price per tonne to GH¢33,120.00, up from GH¢20,928.00, effectively raising the price per bag of 64 kg gross weight to GH¢2,070.00. This adjustment comes into effect from Friday, April 5th, 2024.

A statement released by the Ghana Cocoa Board explains that the decision to raise the Cocoa Producer price aims to bolster the income of cocoa farmers in line with the government's vision, particularly amidst the escalating prices of cocoa on the international market. The welfare of cocoa farmers, it notes, is a priority for President Nana Addo Dankwa Akufo Addo's administration.

Highlighting the government's commitment to supporting cocoa farmers, the statement underscores that since assuming office in 2017, the producer price of cocoa has seen a remarkable increase of 336%. This rise reflects a substantial shift from GH¢7,600.00 per tonne in the 2016/17 cocoa season to the current unprecedented level of GH¢33,120.00 per tonne for the 2023/24 season.

In addition to the cocoa producer price adjustment, the government has approved a review of the Buyers' margin to GH¢2,980.00 per tonne for the same cocoa season. This increase is intended to mitigate the financial burden on Licensed Buying Companies (LBCs) arising from the hike in cocoa producer prices.

Both the new producer price and the adjusted Buyers' margin come into effect from Friday, April 5th, 2024. This move signifies the government's continued efforts to support cocoa farmers and sustain the growth of the cocoa industry in Ghana.