The producer price of cocoa has been increased from GH¢20,928.00 per tonne or GH¢I,308.00 per 64Kg bag to GH¢48, 000.00 per tonne or GH¢3, 000.00 per 64kg bag.
The Minister for Food and Agriculture, Dr Bryan Acheampong, who announced this stated that the price increment demonstrates the government’s commitment to improving the cocoa sector and enhancing the livelihoods of Ghanaian cocoa farmers.
This development, according to him, represents an unprecedented increase of 129.36%.
The announcement comes amidst significant volatility in the global cocoa market over the past year.
Spot prices have seen dramatic fluctuations, rising from $2,000 per tonne in March 2023 to a peak of $12,000 per tonne in February 2024, before settling at $7,960 per tonne in September 2024.
Similarly, the futures market, where Ghana has been trading for over five decades, has experienced substantial price movements.
Prices climbed from $2,200 in March 2023 to over $10,000 in February 2024, before dropping to $6,246 in September 2024.
The 2024/2025 price, margins, rates and fees will take effect from today, Wednesday, 11th September 2024.
Richard Aniagyei, ISD
