Cocoa farmers: Recent 58% increase in producer price of cocoa unprecedented

Cocoa farmers have welcomed the latest increment in producer price of cocoa describing it as a major relief that could attract more youth into the sector.

Government over the weekend announced a 58.26 % increase in the producer price of cocoa from GHC 20,928 per tonne to GHC 33,120.00 per metric tonne for the rest of the 2023/24 cocoa season following consultation with stakeholders.

This figure translates into GHC 2,070 per bag of 64 kg gross weight and takes effect from Friday, 5 April 2024.

A statement issued by COCOBOD on Friday (5 April) said government has also approved a review of the buyers margin to GHC 2,980.00 per tonne for the rest of the 2023/24 cocoa season.

“The Government of Ghana in consultation with stakeholders has reviewed the producer price of cocoa for the rest of the 2023/2024 crop year.”

“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 COCOBOD statement said.

Reacting to the development on the Asaase Breakfast Show on Monday (8 April), a cocoa farmer, Charles Gyamfi said the increment is unprecedented over the past 35 years.

“We are happy with the new increment. We are happy because I have been working as a cocoa farmer for over 35 years and I have not witnessed such an increment before.”

“It was former President Kufour’s time that they increased it by GHC3.50 pesewas in 2002. We are really happy that the government has come to our aid,” Gyamfi said.

Listen to Charles Gyamfi in the attached audio clip below( he spoke Twi)

Also speaking on the same programme, Nana Aduna II, the CEO of OheneCocoa welcomed the increment but called for a broader conversation to review the producer price of the commodity.

“The conversation about the [cocoa] producer price . . . requires all of us to sit down and look at what system we have been operating for all this while and whether it is fit for purpose.”

“Especially when the president says we want to produce our own chocolate and add value etc, ,” Nana Aduna II said.

Listen to Nana Aduna II in the attached audio clip below: 

Reporting by Fred Dzakpata in Accra

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