Government has announced a 45 per cent increase in the producer price of cocoa for the 2024/2025 crop season, raising the price of a 64-kilogramme bag of cocoa beans from GHS2,070 to GHS3,000.

This substantial price hike is set to provide a significant economic boost to cocoa farmers across the country and strengthen the nation’s agricultural sector.

At a press briefing, the Minister for Food and Agriculture, Dr. Bryan Acheampong, emphasised the scale of the price increase, noting that it marks a cumulative rise of 129.6 per cent over the course of the entire season.

"On September 9, 2023, in Tepa, we officially announced the opening of the cocoa season. In between time, we have been offering different prices on the market during trading. The most significant one worth announcing was the increase from GHS1,300 to GHS2,070," Dr. Acheampong explained.

The latest price adjustment follows an earlier increase at the start of the 2023/2024 crop season, when the price per bag rose from GHS1,300 to GHS2,070 due to a spike in the spot price on the global market. The new rate of GHS3,000 for the 2024/2025 season reflects a further 45 per cent surge, providing a strong incentive for farmers.

Dr. Acheampong also outlined an ambitious production target of 650,000 metric tonnes for the 2024/2025 season. He highlighted that the Ghana Cocoa Board (COCOBOD) is implementing several measures to help farmers increase their yields through modern farming techniques.

However, he noted that the target could have been even higher if not for challenging weather conditions across West Africa.

 "You can ask the farmers about the effect of the El Niño conditions which affected many of our farmlands," he said, acknowledging the obstacles faced by the sector.

Despite these challenges, Dr. Acheampong expressed confidence that COCOBOD could surpass its production projections by the end of the season.

"We are confident that COCOBOD will be able to go above its projections after the 2024/2025 season," he stated.