In a significant move aimed at bolstering the income of cocoa farmers, the Ghanaian government has hiked the price paid to cocoa producers at the farm gate to GH¢33,120 per tonne. This represents a substantial 58.26% increase from the previous price of GH¢20,928 per tonne. The announcement was made by the Ghana Cocoa Board (COCOBOD) in a statement issued by its Chief Executive Officer, Joseph Boahene Aidoo.
The new price, equivalent to GH¢2,070 per bag of 64 kg gross weight, replaces the previous rate of GH¢1,308 per bag. This adjustment, effective immediately, will be applicable for the remainder of the 2023/24 crop year.
This marks the second adjustment made to cocoa prices for the current season. The initial increase was announced by President Nana Addo Dankwa Akufo-Addo on September 9 last year, which raised the price per tonne from GH¢12,800 to GH¢20,928, and the price per bag from GH¢800 to GH¢1,308.
In addition to revising the producer price, the government has also approved an upward review of the buyers’ margin to GH¢2,980 per tonne for the rest of the 2023/24 cocoa season. COCOBOD stated that this adjustment, effective immediately, is intended to mitigate the impact of increased finance costs on Licensed Buying Companies (LBCs) following the rise in cocoa producer prices.
The decision to revise cocoa prices was made after consultations with various stakeholders, including farmers, produce-buying companies, hauliers, and the sector ministry. According to COCOBOD, the price adjustment aligns with the government’s vision and commitment to enhancing the welfare of cocoa farmers, a priority underscored by President Nana Addo Dankwa Akufo-Addo.
Background information reveals that cocoa prices have been experiencing an upward trend in the international commodity market, reaching a record high of $10,000 per tonne last month. This surge, amounting to over 150% since January last year, has prompted concerns about supply, particularly in Ghana and Cote d’Ivoire, the world’s leading cocoa producers. Despite facing production challenges, with Ghana’s cocoa output projected to fall below 500,000 tonnes in the 2023/2024 season following a decline from the previous season’s 750,000 tonnes, the government’s intervention through price adjustments aims to support farmers amid these market dynamics.
Source: Graphic Online
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