Dr. Bryan Acheampong, the Minister for Food and Agriculture, alongside the Ghana Cocoa Board and the Producer Price Review Committee (PPRC), announced a historic increase in the producer price of cocoa for the 2024/2025 crop season.
Effective today, September 11, 2024, the new producer price is set at GH¢48,000.00 per tonne or GH¢3,000.00 per 64kg bag.
This marks a remarkable 129.36% rise from last season’s opening price of GH¢20,928.00 per tonne or GH¢1,308.00 per 64kg bag.
Dr. Acheampong emphasized that this increase reflects the government’s dedication to enhancing the cocoa sector and improving the livelihoods of Ghanaian farmers.
“This initiative aligns with His Excellency Nana Addo Dankwa Akufo-Addo’s vision of maintaining a robust, resilient, and sustainable cocoa industry for both current and future generations,” he stated.
The global cocoa market has seen significant price fluctuations over the past year, with spot prices peaking at US$12,072/ton in February 2024 and falling to US$7,960/ton by September 2024.
Future prices have also varied widely, ranging from $2,200 in March 2023 to over $10,000 in February 2024 before settling at $6,246 in September 2024. The PPRC factored in these market dynamics when setting the new producer price.
This price adjustment is anticipated to positively impact Ghanaian cocoa farmers by providing improved income and motivation to maintain high-quality production. It also represents a significant step toward strengthening the future of Ghana’s cocoa industry.
“We are excited to announce this unprecedented 129.36% increase, setting the producer price at GH¢48,000.00 per tonne or GH¢3,000.00 per 64kg bag for the 2024/25 season,” Dr. Acheampong declared at the official launch.
“We believe this increase will greatly benefit our farmers and foster the growth and development of our cocoa industry.”
