Cocoa prices increased by 21%; bag of cocoa to sell at GH¢800

Government has pegged the producer price for cocoa at GH¢800 per bag of 64kg.

The new price takes effect from Friday, October 14, 2022, for the 2022-2023 crop season.

This depicts a 21 percent increase from GH¢10,560 per tonne to GH¢12,800 per tonne.

Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto made the announcement at a press briefing in Accra today, Wednesday, October 5, 2022.

“The 21% rise in the producer price of cocoa is a testament to Government’s resolve to ensure farmers earn a decent income and make cocoa farming lucrative. Government will continue to implement initiatives to build a robust, resilient and sustainable cocoa industry where cocoa farmers and their communities will thrive”, the Minister said.

Ghana last increased its farm gate price in 2022; from GHS515 to GHS660.

That was a historic 28% hike that followed the $400 Living Income Differential on every tonne of cocoa.

To ensure a decent standard of living for Ghanaian cocoa farmers after retirement, government will from November 2022 move from the pilot phase to the implementation phase of the Cocoa Farmer’s pension scheme.

The Producer Price Review Committee has also approved the rates and fees for all other stakeholders in the supply chain.

These include the Buyers’ margin, Hauliers’ rate, warehousing and internal marketing costs, as well as, fees for disinfestation, grading and sealing and scale inspection.

In the meantime, government says it will continue to support cocoa farmers through the pests and diseases control programme (Mass Spraying) and rehabilitation of diseased cocoa farms.

Additionally, it will also assist cocoa farmers by making the requisite inputs such as fertilizers available for farmers to buy to increase farm productivity.

“Government is committed to continuing to supply certified planting materials that are drought tolerant, early bearing and high-yielding”, Dr. Owusu Afriyie Akoto assured.