Government has announced an increase in the producer price of cocoa for the 2024/25 season at GHS 48,000 per tonne or GHS 3,000 per 64 kg bag.
The price was up from GHS 20,928 per tonne or GHS 1,308 per 64kg bag at the opening of the 2023-2024 season
Dr Bryan Acheampong, the Minister of Food and Agriculture, who announced the price, said the hike was a demonstration of government’s commitment to improve the sector and the livelihoods of the Ghanaian cocoa farmer.
The world market of cocoa has witnessed the highest levels of volatility over the past 12 months.
Spot prices have moved from $2,000 per tonne in March 2023, peaked at $12,000 per tonne in February 2024, before dropping significantly to $7,960 per tonne in September 2024.
On the futures market, where Ghana has traded for over 50 years, prices have moved from $2,200 in March 2023 to over $10,000 in February 2024, before dropping significantly to $6,246 in September 2024.
“The severe highs and lows of prices are indicative of a market and sector that requires careful analysis before making any pricing decisions,” the Minister said.
“The vision of His Excellency Nana Addo Dankwa Akufo-Addo is that the cocoa industry remains robust, resilient and sustainable for present and future generations,” he added.
He expressed the hope of raising more than the 650,000 tonnes target this season.
Dr Acheampong said the 2024/25 price, margins, rates and fees would take effect from today, Wednesday 11th September 2024, which marked the beginning of the season.
GNA
CA/
Sept. 11, 2024
