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With effect from April 5, 2024, the farmgate price given to cocoa farmers in Ghana has increased significantly by 58.26% to GH¢33,120 per tonne for the 2023–2024 harvest season.
The resolution attempts to stop bean smuggling and divide earnings from rising worldwide prices.
Due to disease and unfavorable weather in neighboring Côte d’Ivoire and Ghana, cocoa prices have increased by more than three times in the last year, creating a third straight worldwide market gap.
At present, the price of cocoa guaranteed by the state in Ghana is GH¢20,943 cedi ($1,574.66) per tonne, or around GH¢21 per kilogramme.
In related news, Côte d’Ivoire has increased the price at the farm gate for the mid-crop of the 2023–2024 season, which runs from April to September, from 1,000 CFA francs to 1,500 CFA francs ($2.47, or around GH¢33) per kilogram.
COCOBOD in a statement released on April 5, 2024, explained that a 64 kg bag is now priced at GH¢2,070.
“The Government of Ghana, in consultation with stakeholders, has reviewed the Producer Price of cocoa for the rest of the 2023/24 crop year.
“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.”
“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.”
Read the full statement from COCOBOD below:
Source: Ghanatodayonline.com
