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Farmers of cocoa received good news over the weekend following the government’s announcement of a new price of GH¢1,308.00 for a bag of cocoa, taking effect from the 2023/2024 cocoa season.
The new price represents a 63.5 percent increase over the previous price of GH¢800.00, which is also the highest increment recorded in the last 15 years.
The current price of a tonne therefore stands at GH¢ 20,943.00 compared to the previous price of GH¢12,800.00.
The price adjustment is linked to the government and management of COCOBOD’s resolve to compensate farmers and increase output to solidify Ghana’s status as a prominent exporter of the commodity.
President Nana Akufo-Addo made the announcement last Saturday at Tepa in the Ashanti Region during a ceremony to open the new cocoa season. The event was under the theme, “Securing decent incomes for cocoa farmers.”
According to a report by graphic.com.gh which Newshuntermag.com came across, farmers greeted the news with great excitement and erupted into loud cheers over the new price as they believed the improvement would countercheck incidents of cocoa smuggling by several cocoa farmers seeking to attract better prices in neighboring countries.
Others also hope it would help mitigate farmers’ struggles amidst rising costs of living and persistent inflation.
