Government through COCOBOD, has announced a 45% increase in the producer price of cocoa to GH¢48,000 per tonne for the 2024/25 cocoa season.
This increase is a 129% upward adjustment from the price announced in Sept. 2023, setting new price of 64kg bag of cocoa at GH¢3,000.
This means, a 64 kilogramme bag of cocoa beans has increased from GH¢2,070 to GH¢3,000
This was announced at a press briefing by the Minister for Food and Agriculture, Dr. Bryan Acheampong.
“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.
This represents a cumulative 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".He added.
Target for 2024/2025
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
Story by: Collins Boateng (Cabman ) for VOV News