Price of Cocoa Per Bag increased by 21% [ Details here ]
Price of Cocoa Per Bag increased by 10%
The government has increased the Producer Price of cocoa by 21% for the 2022/2023 crop season.
This means cocoa now trades at GH¢800 per bag of 64kg and the new price takes effect from Friday, October 14, 2022.
Currently, the Producer Price of cocoa is trading at GH¢660 a bag.
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Dr. Owusu Afriyie Akoto, the Minister for Food and Agriculture speaking to the media in Accra on Wednesday, October 5, 2022, said “The 21% 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. The government will continue to implement initiatives to build a robust, resilient, and sustainable cocoa industry where cocoa farmers and their communities will thrive.”
Earlier, cocoa farmers warned that the country could lose more productive cocoa farms to illegal mining if cocoa prices remain unchanged.
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Also, the Ghana Civil-Society Cocoa Platform (GCCP), an independent campaign and advocacy platform for civil society actors in the cocoa sector called on the Ghana Cocoa Board (COCOBOD) to announce an increase in the Producer Price of Cocoa.
The group said its working assumption of the Producer Price Review Committee (PPRC) of COCOBOD, which aims at ensuring that farm gate price is pegged at a minimum of 70% of the net Free on Board (FoB) price shows that farmers should be receiving a minimum of ¢838 which translates into $98 per bag of the 62.5 kilogramme of cocoa beans.
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In a statement, the group said the figure was arrived at using the lowest projected values available, including the Living Income Differential (LID) of $400 per tonne as agreed between cocoa producers and buyers.