KEY POINTS
- Cocoa producer price increased by 45% for the 2024/2025 season.
- Farmers will now receive GH¢3,000 per 64kg bag of cocoa.
- COCOBOD aims to produce 650,000 metric tonnes this season.
The Ghanaian government has announced a 45% increase in the price farmers will receive for their cocoa beans during the 2024/2025 crop season. Retailers will now sell one 64-kilogram bag at GH¢3,000 compared to the previous price of GH¢2,070 per 64-kilogram bag. The government was hoping that this move will lead to increased production of cocoa and better remunerations for farmers.
During the media briefing, Dr. Bryan Acheampong, the Minister for Food and Agriculture, explained the importance of this escalation. He said that over the same period, cocoa prices have increased by an average of 129%. 6% during the past two crop seasons. “Contrary to this, it went up to GH¢2,070 at the beginning of the previous year’s season and is now being sold at GH¢3,000; this means that farmers will receive a 45% increment.”
A boost for cocoa farmers
MyJoyOnline reported that Dr. Acheampong said the new price is meant to compensate cocoa farmers as well as motivate them to produce better cocoa beans through the use of improved technologies. He pointed out that the cocoa industry is a major part of the economy in the country, and the introduction of these prices shows the governments support towards the cocoa industry.
Farmers throughout the country have experienced some adversities in recent years, such as the El Niño-induced erratic rainfall that inhibited production. Nevertheless, hard times have not put off the Ghana Cocoa Board (COCOBOD) from making positive expectations for the next season. Dr. Acheampong further revealed that according to the COCOBOD, the production capacity of cocoa has been aimed at 650,000 metric tonnes for 2024/2025 season.
Looking ahead: 2024/2025 targets
In order to attain this target, the government has put in place various policies intended to boost cocoa production. These are such as availing appropriate training to the farmers on modern methods of farming and making available to them quality farming inputs. While bad weather conditions may impact the production, there is optimism that with the new pricing and supportive policies more cocoa will be produced.
Dr. Acheampong expressed confidence in the future of cocoa farming, saying, “We are optimistic that after this year’s production, production will go higher than our expectations.” The new price and initiative is expected to assist the sector to bounce back from recent set backs experienced by Ghana cocoa industry.
