The producer price of a bag of cocoa has jumped from GH¢1,308.99 to GH¢2,070 for the 2023/2024 crop year. This translates into an increase of 58.26 per cent (%) from GH¢20, 928.00 per metric ton to GH¢33, 120.00 per metric ton.
According to the Ghana Cocoa Board (COCOBOD), the new price took effect from April 5, 2024 per a press release it issued.
The release, signed by the Chief Executive, explained that the increase was necessary to enhance the incomes of cocoa farmers, which also reflects the price of the commodity on the international market.
It said the welfare of cocoa farmers was dear to the heart of the president and had since 2017 increased the producer price from GH¢7,600 per metric ton to the current price.
COCOBOD described their achievement as unprecedented. It also stated that the Board has equally approved the buyer margin of GH¢2,989.00 per ton for the year under review.
The Board expects that the increase will soften the financial burdens of the Licenced Buying Companies (LBCs).
