29.2 C
Accra

Government Increases Producer Price of Cocoa By 58.26%

The increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers in line with the vision of the NPP Government and in response to the rising prices of cocoa on the international market

The producer price of cocoa, effective April 5, 2024, has been increased from GHC 20,928.00 per tonne to GHC 33,120.00 per tone for the rest of the 2023/24 cocoa season. The 58.26% increase translates into GHC 2,070 per bag of 64 kg gross weight.

According to a government statement announcing the increase, ”the increase in the producer price of cocoa has become necessary to enhance the income of cocoa farmers in line with the vision of the NPP Government and in response to the rising prices of cocoa on the international market”.

To ensure equity in the industry the Government has also approved a review of the Buyers’ margin to GHC 2,980.00 per tone for the rest of the 2023/24 cocoa season.

- Advertisement -

“This increase is expected to cushion the LBCs against the increase in finance cost due to an increase in the producer price of cocoa”, the statement said.

Join our WhatsApp Channel for more news

The Government statement emphasized that, “the welfare of cocoa farmers is dear to the heart of His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana. It is for this reason that since the NPP government assumed office in 2017, the producer price of cocoa has been increased by 336 % from GHC 7,600.00per ton in 2016/17 cocoa season to an unprecedented level of GHC 33,120.00  per tonne for the rest of the 2023/24 cocoa season”.

While you're here, we just want to remind you of our commitment to telling the stories that matter the most.Our commitment is to our readers first before anything else.

Our Picks

THE LATEST

INSIDE POLITICS

OUR PARTNERS

Get the Stories Right in Your Inbox

MORE NEWS FOR YOU