Govt increases cocoa price again, a bag now sells for GH₵3,100

By Newscenta On Nov 10, 2024

In a continued effort to bolster the incomes of cocoa farmers, President Nana Addo Dankwa Akufo-Addo has announced additional increase in the cocoa producer price for the 2024/2025 season, raising it from GH₵48,000 to GH₵49,600 per tonne.
This recent adjustment, less than three months after the Ghana Cocoa Board (COCOBOD) set a previous record high, aligns with the government’s commitment to improve farmer welfare and stabilize the cocoa industry.

GH₵3,100 per 64kg bag
The increase represents a price of GH₵3,100 per 64kg bag, up from GH₵3,000, and aims to ensure that cocoa farmers receive fair compensation as global market dynamics shift.
Addressing the audience at the 40th National Farmers’ Day Awards in Accra, President Akufo-Addo emphasized that this periodic price review aligns with the government’s policy of supporting farmers’ livelihoods.
“This new producer price demonstrates our resolve to make life comfortable for cocoa farmers,” President Akufo-Addo stated, adding that these adjustments are also part of broader efforts to curb cocoa smuggling, a persistent issue impacting the industry.

129.36% producer price increase
The initial increase in September marked a historic 129.36% rise from last season’s opening price of GH¢20,928 per tonne, as COCOBOD committed to rewarding farmers for their hard work despite global market challenges.
Beyond the cocoa sector, the National Farmers’ Day Awards celebrated outstanding contributions across Ghana’s agricultural industry.
Nana Owusu Achiaw, a 70-year-old mixed farmer from the Ashanti Region, was named the 2024 National Best Farmer, receiving a prize of GH₵1 million.
Other top honors included awards for cocoa farmers, livestock producers, and fishery workers, with each recognized for their adherence to sustainable, climate-smart practices.
President Akufo-Addo underscored the importance of providing fair pricing and support to encourage sustainable farming practices across Ghana, while sector ministers outlined initiatives to ensure food security and climate resilience.
This year’s celebration, themed “Building Climate Resilient Agriculture for Sustainable Food and Security,” highlighted Ghana’s commitment to advancing agriculture in the face of climate challenges.