Bryan Acheampong
The government has announced a significant increase in the producer price of cocoa for the 2024/2025 season, with the new price for a 64-kilogramme bag of cocoa at GH¢3,000, up from the previous price of GH¢2,070.
This translates to a producer price of GH¢48,000 per tonne, a substantial increase from the GH¢20,928 per tonne at the start of the 2023/24 season.
Minister for Food and Agriculture, Bryan Acheampong, made the announcement in Accra yesterday, highlighting the unprecedented 129.36% increase.
He emphasized that this price adjustment demonstrates the government’s commitment to enhancing the cocoa sector and improving the livelihoods of Ghanaian cocoa farmers.
According to Minister Acheampong, President Akufo-Addo’s vision is to ensure the cocoa industry remains robust, resilient, and sustainable for generations to come.
The minister noted that the world market price of cocoa has experienced extreme volatility over the past year, with spot prices fluctuating from US$2,000 per tonne in March 2023 to a peak of US$12,072 per tonne in February 2024, before dropping to US$7,960 per tonne in September 2024.
Similarly, on the “future market”, where Ghana has traded for over 50 years, prices have moved from $2,200 in March 2023 to over $10,000 in February 2024, before declining to $6,246 in September 2024, Mr. Acheampong.
The minister stressed that these price fluctuations underscore the need for careful analysis before making pricing decisions in this sector.
By Ebenezer K. Amponsah