Cocoa Price Soars 45%, Government Aims for Increased Production in 2024/25

The Ghanaian government has announced a significant 45% increase in the producer price of cocoa for the upcoming 2024/2025 crop season, marking a substantial boost for the country’s cocoa industry. The price for a 64 kilogramme bag of cocoa beans has been elevated to GH¢3,000, up from GH¢2,070, demonstrating a strong commitment to supporting cocoa farmers.

Minister for Food and Agriculture, Dr. Bryan Acheampong, highlighted the cumulative increase of 129.6% throughout the season, underscoring the government’s dedication to ensuring fair compensation for cocoa producers. He acknowledged the previous price adjustments during the ongoing 2023/2024 season, emphasizing that the new price reflects a substantial increase from the initial GH¢1,300 per bag.

The government’s decision to increase the producer price is aimed at encouraging cocoa farmers to increase production, particularly amidst challenging weather conditions. Despite the impact of the El Nino phenomenon, which has negatively affected some farmlands across West Africa, COCOBOD has set an ambitious target of 650,000 metric tonnes for the upcoming season. Dr. Acheampong emphasized that the target could have been even higher if not for the adverse weather conditions, expressing optimism that production will surpass projections after the 2024/2025 season.

The government’s commitment to supporting the cocoa sector through increased producer prices, coupled with efforts to promote modern farming practices, signifies a strong commitment to the long-term sustainability and growth of Ghana’s cocoa industry. The 45% increase is expected to provide significant economic benefits for cocoa farmers, while the ambitious production target highlights the government’s vision for strengthening Ghana’s position as a leading global cocoa producer.