A 64 Kilogram bag of cocoa has been increased from GH¢1,308 to GH¢2,070 for the 2023/2024 crop year starting from Friday, April 5, 2024.
In a statement issued and signed by the Chief Executive of the Cocoa Board (COCOBOD), Joseph Boahen Aidoo, the decision was taken in consultation with stakeholders.
He also announced that the board has reviewed the buyers’ margin to GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa crop season.
“The Producer Price of cocoa has been increased by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season.
This figure translates into GH¢2,070 per bag of 64 kg gross weight and takes effect from Friday, 5th April 2024,” the release said.
“Government has also approved a review of the Buyers’ margin to GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa season. 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 release said.
It said the increase is expected to cushion the LBC’s against the increase in finance cost due to an increase in the producer price of cocoa.
It further stated that Cocoa farmers were dear to the heart of President Akufo-Addo hence the producer price of cocoa was increased by 336% from GH¢C7,600 per tonne in the 2016/17 cocoa season to an unprecedented level of GH¢33, 120 per tonne for the rest of the 2023/24 cocoa season.
Source: Ebenezer K. Amponsah