The Government of Ghana has increased the producer price of cocoa by 45% for the 2024/2025 crop season. The Minister for Food and Agriculture, Dr. Bryan Acheampong, announced that the price per 64-kilogram bag of cocoa beans will now be GHS 3,000, up from the previous GHS 2,070. This significant increase, which takes into account global cocoa price trends, aims to improve the livelihoods of cocoa farmers and boost production across the country.
Dr. Acheampong highlighted that cumulative increases in cocoa prices during the current season total 129.6%, showing the government’s commitment to supporting the cocoa industry. This move is expected to address challenges such as cocoa smuggling to neighboring countries like Ivory Coast, where farmgate prices have been higher, and mitigate the impact of adverse weather conditions on production.
COCOBOD has set a target of producing 650,000 metric tonnes for the 2024/2025 season, with efforts being made to enhance farming techniques and ensure that Ghana’s cocoa sector remains competitive on the international market.
This increase, along with government-led initiatives, aims to strengthen the sector and secure its role as a crucial foreign exchange earner for Ghana’s economy.
