The Government of Ghana, in collaboration with stakeholders, has announced an upward adjustment in the Producer Price of cocoa for the remaining period of the 2023/24 crop year.
The new Producer Price reflects a significant increase of 58.26%, raising it from GH¢20,928 per tonne to GH¢33,120.00 per tonne.
This revision equates to GH¢2,070 per bag of 64 kg gross weight and will be implemented starting from Friday, April 5, 2024.
The decision to raise the Producer Price of cocoa stems from the government’s commitment to bolstering the income of cocoa farmers, and also a response to the escalating prices of cocoa on the global market.
The Producer Price of cocoa has witnessed a surge of 336%, from GH¢7,600 per tonne in the 2016/17 cocoa season to the current level of GH¢33,120 per tonne for the remainder of the 2023/24 cocoa season.
Additionally, the government has approved a review of the Buyers’ margin, setting it at GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa season.
This adjustment aims to provide financial relief to Licensed Buying Companies (LBCs) by mitigating the impact of increased finance costs resulting from the higher Producer Price of cocoa.
The implementation of the new Producer Price and Buyers’ margin will also commence from Friday, April 5, 2024.
