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Akufo-Addo announces new cocoa price from GHc 1,308.00 to GHc 2,070.00 in just 7 months

Producer Price of cocoa has been increased by 58.26% from GHc 20,928.00 per tonne to GHc 33,120.00 for the rest of the 2023/24 cocoa season

The Government of Ghana has increased the price of cocoa from GHc1,308.00 to GHc 2,070.00. This was contained in a press release by the Ghana Cocoa Board dated 5th April 2024.

The government, in consultation with stakeholders, has reviewed the Producer Price of cocoa for the rest of the 2023/24 crop year, the statement read.

The Producer Price of cocoa has been increased by 58.26% from GHc 20,928.00 per tonne to GHc 33,120.00 for the rest of the 2023/24 cocoa season. The above figure translates into GHc 2,070.00 per bag of 64kg gross weight.

This increase has come about, the statement further reveals, as a result of the NPP government’s vision of enhancing the income levels of cocoa farmers and in response to the rising prices of cocoa on the international market.

What this means is that the price of cocoa has increased by over 150% between September 2023 and April 2024.

This price increase is a testament to the commitment of His Excellency Nana Addo Dankwa Akufo-Addo to the welfare of cocoa farmers.

It is for this reason that the NPP government since it assumed power in 2017, the producer price of cocoa has been increased by 336%.

Upon the assumption of office by the Akufo-Addo administration, the price of a cocoa bag was GHc 475.00 for the 2016/17 crop season. It was increased to GHc 515.00 for the 2019/20 crop season. In the 2020/21 crop season, the price was adjusted upwards to GHc 660.00.

It could also be recalled that the 2022/23 crop season saw the price of a bag of cocoa increase to GHc 800.00.

The price was increased astronomically in the 2023/24 crop season to GHc1,308.99, a 63.6% increase.

On Friday, 5th April 2024, for the second time in the crop season, the Akufo-Addo government increased the price of cocoa bags to GHc 2,070.00.

This price per 64kg gross weight is the highest in the history of the cocoa sector. With this new price increase, cocoa farmers are already beaming with smiles and praising the government for such an unprecedented price in cocoa beans.

“This is unbelievable. We anticipated an increase in cocoa prices but never in our wildest dreams did we foresee this price coming. We are grateful to the government for this price increase” a cocoa farmer stated in an interview.

Reporting by Wilberforce Asare in Accra

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