Government increases producer price of cocoa by 58%

The Ghana Cocoa Board (COCOBOD) has announced a revision in the Producer Price of cocoa for the remainder of the 2023/24 crop year, effective from Friday, April 5, 2024.

This decision was made following consultations with stakeholders.

COCOBOD in a statement released on April 5, 2024, explained that a 64 kg bag is now priced at GH¢2,070.

“The Government of Ghana, in consultation with stakeholders, has reviewed the Producer Price of cocoa for the rest of the 2023/24 crop year.

“The Producer Price of cocoa has been increased by 58.26% 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, 5th April 2024.”

In addition, the government has 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.”

COCOBOD clarified that this move is intended to boost the income of farmers.

“The increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers in line with the vision of the NPP government and in response to the rising prices of cocoa on the international market.”