Bag of cocoa price set to increase from GHS 800 to GHS 1,380

• Posted on September 11, 2023
• by Nana Kwesi Coomson
• Comment

Stakeholders anticipate a rise in the producer price from the present GHS 800 per bag of cocoa beans to GHS 1,380 when the government announces the farm gate price for cocoa in 2023/2024.

Current rates on the global market are what led to this anticipated increase.

The revised cocoa price for the 2023/2024 season is expected to be announced by the government through the COCOBOD later this week as opposed to the planned deadline in October.

According to recent allegations, the country’s western and eastern borders have been used to smuggle cocoa.

Some cocoa farmers are advocating for an increase in the price of cocoa at the farm gate in order to stop this trend.

The Head of Public Affairs at COCOBOD Mr Fiffi Boafo speaking on Skyy Power FM’s Jolly Breakfast Show said it was necessary to increase the prices of cocoa this month to enable farmers to get enough money to take care of business and the home.

He said, “Cocoa seasons start from the first of October but one of the reasons we have started this early is because the farmers start plucking the cocoa from September… September is also when school re-opens and the farmers need to pay school fees and others so if we don’t do it early, they go for loans to settle this which the interest may eat in their profit.”

Mr Boafo also explained the issue of agents in the cocoa business.

“During the early days of the cocoa business, COCOBOD used to buy directly from the farmers but now, COCOBOD is buying through agents with license… it’s a business created to bring more employment.”