Govt increases farmgate price of cocoa; now GHC 33,120/tonne

A change to the cocoa producer price has been issued by the Ghana Cocoa Board (COCOBOD) for the rest of the 2023–2024 crop year.

A 64-kg bag is currently priced at GH¢2,070, according to a statement made by COCOBOD on April 5, 2024.

“The Government of Ghana, in consultation with stakeholders, has reviewed the producer price of cocoa for the rest of the 2023–24 crop year.”

“The producer price of cocoa has been increased by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season. This figure translates into GH¢2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April, 2024,” the statement said.

“The increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers in line with the vision of the NPP government and in response to the rising prices of cocoa on the international market,” the statement added.

Furthermore, for the duration of the 2023–2024 cocoa season, the government has also approved a review of the buyers’ margin, raising it to GH¢2,980.00 per tonne.

According to the government, this increase will protect LBCs from rising financing costs brought on by rising cocoa producer prices.