In a move that has been met with great enthusiasm following the government announced 58.26% increase in the producer price of cocoa, farmers have gone to town in jubilation.
The price has been raised from GHC 20,928 per tonne to GHC 33,120.00 per metric tonne for the remainder of the 2023/24 cocoa season, following extensive consultations with stakeholders.
This increase equates to GHC 2,070 per bag of 64 kg gross weight and came into effect on Friday, April 5, 2024. Additionally, the government has approved a review of the buyers margin, raising it to GHC 2,980.00 per tonne for the same cocoa season.
The Cocoa Board (COCOBOD) issued a statement on Friday, explaining that the price adjustment was necessary to improve the income of cocoa farmers, aligning with the vision of the NPP government and responding to the rising prices of cocoa in the international market.
The news has been met with overwhelming joy from cocoa farmers. Charles Gyamfi, a cocoa farmer with over 35 years of experience, expressed his happiness, stating, “We are happy with the new increment. I have been working as a cocoa farmer for over 35 years, and I have not witnessed such an increment before.” He reminisced about the last significant increase, which occurred in 2002 during former President Kufuor’s time, when the price rose by GHC 3.50 pesewas.
Nana Aduna II, the CEO of Ohene Cocoa, also welcomed the price increase but emphasized the need for a broader conversation to review the producer price of cocoa.
He believes that this conversation should encompass the entire system under which cocoa production operates, especially in light of the government’s ambition to produce Ghana’s own chocolate and add value to the cocoa industry.
The increase in cocoa prices is expected to have a positive impact on the livelihoods of cocoa farmers across the country.
With this significant boost in income, farmers can now look forward to a more prosperous future.
By Vincent Kubi