Cocoa bag now GHc3,100
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Cocoa farmers have received a welcome boost as President Nana Addo Dankwa Akufo-Addo announced an increase in the producer price of cocoa for the 2024/2025 crop season.
The new price of GHC3,100 per 64kg bag represents a 0.03% rise from the previous rate set in September.
This increase is part of the government’s broader strategy to periodically review cocoa prices, ensuring farmers’ incomes are supported amidst challenging market conditions.
Speaking at the National Farmers’ Day awards, President Akufo-Addo emphasized the importance of regular price adjustments that reflect global market trends and local realities.
The cocoa industry is a vital sector in Ghana’s economy, accounting for nearly 8% of the country’s GDP and employing approximately 2.5 million people.
The price increase is expected to improve farmers’ livelihoods and sustain Ghana’s position as one of the world’s leading cocoa producers.
Background of Cocoa Pricing in Ghana
Historically, cocoa prices have been volatile, influenced by global demand and supply dynamics, local production factors, government policies, and exchange rate fluctuations.
In recent years, the price range of a single bag of cocoa in Ghana has been between GHC 1,000 and GHC 3,000.
Impact on Farmers and the Economy
The increased cocoa price will have a positive impact on farmers’ income, enabling them to cover production costs and maintain their livelihoods.
Additionally, the government’s efforts to support farmers through initiatives that boost productivity and ensure fair compensation will strengthen the agricultural sector and contribute to Ghana’s economic growth.
National Best Farmer Award
The National Farmers’ Day celebration also recognized exceptional contributions to agriculture, with Nana Owusu Achiaw Brempong, a 70-year-old farmer from the Sekyere Central District, being named the National Best Farmer for 2024.
He received one million Ghana cedis and other prizes for his outstanding achievements in farming and significant impact on the country’s agricultural sector.
-BY Daniel Bampoe
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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