Government has announced a 45 percent increase in the producer price of cocoa for the 2024/2025 crop season. This has increased the price paid to cocoa farmers at the farm gate to GH¢48,000 per tonne for the new cocoa season.
This means the price of cocoa per bag of 64 kg gross weight is GH¢3000 from GH¢2,070. The new prices took effect yesterday (September 11).
Speaking at a press briefing, Minister for Food and Agriculture, Dr. Bryan Acheampong, said the cumulative increases for the entire season represent 129.6 percent.
“On September 9, 2023, in Tepa, we officially announce the opening of the cocoa season. We have been offering different prices on the market during trading. The most significant one worth announcing was the increase from GH¢1300 to GH¢2070. So in announcing a new price today, you have to now relate it to what announcement you made at the beginning of your season. At the beginning of last year’s season, the increase now 129.6 percent” he explained.
At the start of the 2023/2024 crop season, a bag of 64kg of cocoa beans was sold at GH¢1,300, which was subsequently increased to GH¢2,070 when the spot price on the world market went up during the same period.
For the 2024/2025 crop season. Cumulatively, this represents an increase of 129.6% for the 2024/2025 crop season.
Announcing the target for next season, Dr. Acheampong disclosed that COCOBOD is hoping to produce 650,000 metric tonnes.
He emphasized that adequate measures have been introduced to help farmers increase production using modern farming practices.
He further added that the target would have been bigger if the West African region had not experienced bad weather conditions.
“You can ask the farmers about the effect of the El Nino conditions, which affected many of our farmlands.”.
However, he expressed optimism that COCOBOD will be able to go above its projections after the 2024/2025 season.
