Government increases producer price of cocoa by 45% for 2024/25 crop season

Government has announced a 45 percent increase in the producer price of cocoa for the 2024/2025 crop season.

By this, a 64 kilogramme bag of cocoa beans has increased to GH¢3,000 from GH¢2,070.

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. In between time, 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 and 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 and was subsequently increased to GH¢2,070 when the spot price went up on the world market under the same period. For the 2024/2025 crop season, the producer price has been increased to GH¢3,000.

Cumulatively, this represents an increase of 129.6% for the 2024/2025 crop season.

By this, the new price for the 2024/2025 season has increased to GH¢3,000 from GH¢2,070 representing 45 percent surge.

2024/2025 target

Announcing the target for next season, Dr. Acheampong disclosed that COCOBOD is hoping to produce 650,000 metric tonnes.

He stated that adequate measures have been introduced to help farmers increase production, using modern farming practices.

He added that the target would have been above the projection 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".

Dr. Acheampong expressed optimism COCOBOD will be able to go above its projections after the 2024/2025 season.