Rédaction Africa Links 24 with Ghanaian Times
Published on 2024-04-08 07:05:53
The government of Ghana has announced an increase in the producer price of cocoa, set at GH¢2,070 effective from April 5 this year. This decision came after consultations with stakeholders in the cocoa sector, with the aim of benefitting cocoa farmers and supporting the industry as a whole.
In a statement released by Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board (COCOBOD), it was revealed that the new producer price will remain in effect for the duration of the 2023–2024 cocoa season. This adjustment represents a significant increase of 58.26 percent from the previous price of GH¢20,928 per tonne to GH¢33,120 per tonne.
Furthermore, the government has revised the Buyers’ margin to GH¢2,980.00 per tonne for the same cocoa season. This decision is aimed at providing additional support to Licensed Buying Companies (LBCs) to cover the increased financial costs resulting from the higher producer price of cocoa.
The statement emphasized the importance of enhancing the income of cocoa farmers, aligning with the government’s vision and responding to the upward trend in cocoa prices on the international market. It highlighted the government’s commitment to the well-being of cocoa farmers, noting that since assuming office in 2017, the producer price of cocoa has increased by 336 percent, reaching GH¢33,120 per tonne for the current cocoa season.
The announcement of the increased producer price of cocoa reflects the government’s dedication to supporting the cocoa industry and the livelihoods of cocoa farmers. By providing a more favorable price for cocoa producers, the government aims to ensure that farmers can earn a fair income for their hard work and contribution to the cocoa value chain.
The decision to raise the producer price of cocoa also underscores the government’s recognition of the importance of the cocoa sector to the Ghanaian economy. Cocoa remains a vital export commodity for Ghana, contributing significantly to the country’s foreign exchange earnings and supporting the livelihoods of thousands of cocoa farmers and their families.
In conclusion, the increase in the producer price of cocoa showcases the government’s commitment to the well-being of cocoa farmers and the sustainability of the cocoa industry. With this adjustment, cocoa farmers in Ghana can look forward to a more prosperous future, as they continue to play a crucial role in the country’s agricultural sector and economic development.
Read the original article on Ghanaian Times
