Business

Gov’t increases cocoa price by 21 percent to ¢800 a bag

Government has increased the producer price for cocoa beans by 21 percent to ¢800 for the 2022/2023 cocoa crop season.

This is lower compared to Ivory Coast which pegged its price at about ¢858 for the same season. Until the announcement, a bag of cocoa was selling for ¢660 a bag in Ghana.

The new pricing regime will take effect from Friday October 7, 2022 .

Speaking at a press briefing, Minister for Agriculture, Dr. Owusu Afriyie Akoto said the cedi depreciation against the dollar prevented government from increasing the figure beyond 21 percent.

“We are all aware of the depreciation of the cedi this year. This means government will have to take some cut,” he said.

“We are pleased to announce that Government has increased the producer price of cocoa by 21% from ¢10,560 per tonne to ¢12,800.00 per tonne. The producer price represents 89.99% of the net FOB value. This figure translates into ¢800 per bag of 64 kg. gross weight and takes effect from Friday, 7th October, 2022”, he added.

Dr. Akoto said the 21 percent rise in the producer price of cocoa is a testament to government’s resolve to ensure farmers earn a decent income and make cocoa farming lucrative.

He stressed that government will continue to implement initiatives to build a robust, resilient and sustainable cocoa industry where cocoa farmers and their communities will thrive.

“To ensure a decent standard of living for Ghanaian cocoa farmers after retirement, Government will from November 2022 move from the pilot phase to the implementation phase of the Cocoa Farmer’s pension scheme. The Scheme remains an unprecedented achievement under His Excellency Nana Addo Danquah Akufo Addo”.

Other rates
Touching on other rates, Dr. Akoto disclosed that the Producer Price Review Committee (PPRC) also approved the rates and fees for all other stakeholders in the supply chain.

“These include the Buyers’ margin, Hauliers’ rate, warehousing and internal marketing costs, as well as, fees for disinfestation, grading and sealing and scale inspection,” he announced.

Government support to farmers

Dr. Akoto assured that government will continue to support cocoa farmers through the pests and diseases control programme and rehabilitation of diseased cocoa farms.

He stated that government will also assist cocoa farmers by making the requisite inputs such as fertilizers available for farmers to buy to increase farm productivity.

“Government is committed to continuing to supply certified planting materials that are drought tolerant, early bearing and high-yielding,” he said.

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