In a significant move to bolster the livelihoods of cocoa farmers across the country, the Ghana Cocoa Board (COCOBOD) has officially raised the producer price of cocoa from GHs 48,000.00 to GHs 49,600.00 per tonne. Effective from Friday, 8 November 2024, the increase also adjusts the price per 64kg bag from GHs 3,000.00 to GHs 3,100.00, offering cocoa farmers an immediate and much-needed boost in income.
In its announcement, COCOBOD stated, “We announce, for the information of the general public, especially stakeholders in the cocoa value chain, an increase in the Producer Price of cocoa from GH¢48,000.00 per tonne (GH¢3,000.00 per bag of 64kg) to GH¢49,600.00 per tonne (GH¢3,100 per bag of 64kg).” COCOBOD explained that the increase “aims to support Ghanaian cocoa farmers by offering an improved income,” emphasizing the government’s dedication to ensuring that farmers receive fair compensation in an unpredictable global market.
This adjustment represents a strategic effort by COCOBOD and the government to protect Ghana’s cocoa farmers against volatile global market trends and rising production costs, which have placed increasing pressure on rural incomes. Cocoa, a critical pillar of Ghana’s economy, not only serves as a key export commodity but also sustains millions of livelihoods, from rural families to businesses along the cocoa value chain.
COCOBOD added, “This move is expected to boost farmer confidence, enhance income stability, and strengthen the partnership between COCOBOD and the farming community.” The price increase follows recent consultations between COCOBOD, government officials, and industry stakeholders, aiming to stabilize the cocoa farming sector and allow farmers to continue producing high-quality cocoa despite inflation’s impact on their purchasing power.
The board reaffirmed its dedication to the cocoa industry, stating that it “will continue to institute measures and policies that contribute to the growth and sustenance of the cocoa industry.” The Ghanaian government is optimistic that such measures will make cocoa farming a more sustainable livelihood, helping to retain and attract future generations of farmers while strengthening Ghana’s position within the global cocoa market.
