President Nana Addo Dankwa Akufo-Addo has announced a 63.6% increase in the farm gate price of cocoa beans for the new cocoa season, from GH800 to GH1,308 per bag.
According to the president, this is the largest increase in West Africa in the previous 15 years.
The president made the remark during the commencement of the 2023/2024 cocoa season in Tepa, Ashanti Region.
The increase occurs after cocoa farmers increased their requests for an increase in cocoa prices to curb smuggling and the situation in which cocoa growers surrender their fields to illegal miners.
“Until recently, international prices of cocoa have remained relatively low and made worse by COVID-19. In spite of this, government has taken a very hard decision to increase producer prices of cocoa. Cocoa prices have increased from GH¢7,600 per ton in 2016 to GH¢12,800 per ton in 2022. A significant increase of 68 percent. This has had an adverse impact on COCOBOD’s financial performance.”“However, the sustainability of the entire industry hinges on the producer being willing to invest in business and be certain that government repays the appropriate price.
The international market is beginning to pick and government in keeping with our promise to Ghana cocoa farmers has today increased cocoa beans from GH¢12,800 to GH¢20,943 per ton and GH¢1,308 per bag,” he stated.According to the Ghana Cocoa Board (COCOBOD), 150,000 metric tonnes of cocoa have been smuggled out of Ghana this year alone, an issue that is being addressed with harsh measures.Bryan Acheampong, Minister of Agriculture, reaffirmed his government’s commitment to combating cocoa smuggling forcefully.“I will not disappoint Ghanaians in our quest to stop smuggling. I will not disappoint Ghanaians. We shall see this year if there will be cocoa smuggling,” he stated.
