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The Ghanaian government increased cocoa prices from GH¢12,800.00 to GH¢20,943.00 per tonne and GH¢1,308.00 per bag for the 2023/2024 cocoa season. This was announced by President Nana Addo Dankwa Akufo-Addo who said the cocoa landscape was witnessing unprecedented transformation under his leadership, COCOBOD was implementing a series of transformational projects that were having positive impacts on productivity, incomes, and climate resilience.
The Ghanaian government increased cocoa prices from GH¢12,800.00 to GH¢20,943.00 per tonne and GH¢1,308.00 per bag for the 2023/2024 cocoa season. This was announced by President Nana Addo Dankwa Akufo-Addo who said the cocoa landscape was witnessing unprecedented transformation under his leadership, COCOBOD was implementing a series of transformational projects that were having positive impacts on productivity, incomes, and climate resilience.
This translates into a 63.5 per cent increase from the current price of GH¢800.00, making it the highest to be paid to cocoa farmers across West Africa in some 15 years.
Ghana prides itself as a global leader in cocoa production and the world’s best producer of quality cocoa beans. Cocoa is an extremely important commodity driving the development of the country and the government is mindful of the roles of farmers whose toils and sweats were sustaining the cocoa sector for the benefit of the nation, said Bryan Acheampong, the Minister of Agriculture.
To address the current challenges of the cocoa sector, the government has introduced a number of innovative policies hinged on three pillars – resilience, competitiveness, and robustness.
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COCOBOD rolled out a contributory scheme under the new three-tier pension scheme for cocoa farmers, adding that enrolment had started and would continue to capture more farmers in the coming seasons. COCOBOD would contribute GH¢74.5 million to the fund this year and the expectation was that the scheme would enable cocoa farmers to contribute towards their retirement.
