The Minister of Food and Agriculture, Dr. Bryan Acheampong, has announced a significant 129.36% increase in the producer price of cocoa for the 2024/2025 cocoa season, which will take effect on Wednesday, September 11, 2024. The new price represents a substantial boost from GH¢20,928 per tonne at the opening of the 2023/2024 season to GH¢48,000 per tonne. This increase also translates to a rise in the price per 64kg bag of cocoa from GH¢1,308 to GH¢3,000.
Dr. Acheampong explained that the Producer Price Review Committee (PPRC) on cocoa reached an agreement on Tuesday regarding the new producer price of cocoa, as well as other associated rates and fees for the upcoming 2024/2025 crop season. He emphasized that this adjustment represents an unprecedented rise, intended to benefit cocoa farmers and support the country’s cocoa industry.
“We are pleased to announce that the producer price of cocoa for the 2024/2025 season is GH¢48,000 per tonne or GH¢3,000 per 64kg bag. On an inter-season basis, it has been increased from GH¢20,928.00 per tonne or GH¢1,308.00 per 64kg bag at the opening of the 2023/2024 season to GH¢48,000.00 per tonne or GH¢3,000.00 per 64kg bag,” stated Dr. Acheampong. He highlighted the historic nature of this increase, marking a 129.36% rise from the previous season’s prices.
The significant rise in the producer price is seen as a crucial step in boosting the income of cocoa farmers and encouraging sustainable production practices. This move aligns with the government’s commitment to enhancing the livelihoods of farmers and promoting the growth of Ghana’s cocoa sector, which remains a vital part of the country’s economy.
With this adjustment, the government aims to ensure that cocoa farmers receive fair compensation for their hard work and dedication. The new price is expected to help farmers cope with the rising costs of production and to motivate them to increase their output. Additionally, it reflects the government’s efforts to stabilize the cocoa industry amidst global price fluctuations and economic challenges.
By setting a higher producer price, Ghana also seeks to strengthen its position in the global cocoa market, maintaining its reputation as one of the world’s leading cocoa producers. The government hopes that this move will help sustain the sector’s growth, attract more investments, and create more opportunities for all stakeholders involved in the cocoa value chain.
