- GNCFA urges gov't to raise cocoa price to GHS 6,000 per bag.
- Price hike needed to sustain farmers amid rising production costs.
- New cocoa producer price announced: GHC20,943 per tonne (63% increase).
- Farmers demand better compensations
The Ghana National Cocoa Farmers Association (GNCFA) is advocating for a significant price increase for cocoa farmers. The association is urging the government to raise the price of cocoa from GHS 2,070 to GHS 6,000 per bag.
This proposed price increase is necessary to ensure cocoa farmers receive a fair share of profits and maintain their livelihoods amid increasing production costs. The GNCFA highlighted the economic importance of cocoa to Ghana, warning that without adjustments, farmers might face financial difficulties.
This could potentially impact the country’s overall cocoa production, which would have far-reaching consequences. Ahead of the 2023/2024 season, a new cocoa producer price has been announced, setting the tone for a substantial increase.
The Cocoa Producer Price Committee, comprising industry experts and farmer representatives, has set the new price at GHC20,943 per tonne. This represents a significant hike of over 63% from the previous price of GHC12,800 per tonne.
A standard bag of cocoa will now fetch GHC1,308, up from last season’s GHC800 per bag, a quantum increase in line with government and COCOBOD objectives. The goal is to ensure better compensation for cocoa farmers, who have been grappling with many challenges, and reward them for their hard work and dedication.
