The price of a bag of cocoa in Ghana is GHS 1,308. This came after an official price of cocoa announcement by the President of Ghana, Nana Addo Dankwa Akufo-Addo, at Tepa in the Ashanti region, Ghana.
The event marked the opening of the 2023/2024 cocoa season on September 9, 2023.
The new producer price of cocoa went through a series of deliberations where some farmers demanded a 50% and 70% increment of cocoa price, which used to sell at GHS 800.00 for the 2022/2023 cocoa season.
This upward adjustment will be historic in the cocoa industry in Ghana. Also, the cocoa calendar has officially moved from October to September, starting with the 2023/2024 cocoa season.
Cocoa traceability in Ghana
The 2023/2024 cocoa season will commence with a pilot system for cocoa traceability in Ghana. The system can act as a model for decent farmer income by paying compensation and premiums on cocoa that meet specific quality and sustainability standards. Find full details on GIZ-SCIP /COCOBOD traceability in Ghana.
Projections Before New Cocoa Price In Ghana: Projections hitting the mainstream from Civil Society Organisations (CSOs) have allegedly stated that the price of cocoa in Ghana is likely to hit GHS 1,380.
Ghana is expected to announce a big rise in the cocoa producer price for the 2023/2024 cocoa crop year, which begins September 8, 2023, according to TheCocoaPost.
The price of cocoa in Ghana for the 2022/23 crop season was GHS 800.00; however, Ghana cocoa quality has gained much value and pricing on the cocoa international market, raising the market price of cocoa to an estimated 2,590 pounds per tonne in June.
A rise in farmgate prices for cocoa in Ghana will not only bring profit to the COCOBOD of the Ghanaian economy but also improve the livelihood of the average cocoa farmer in Ghana.
Another relief and most challenging situation the farmgate price will solve in the cocoa business is the high cost of haulage services of cocoa from the cocoa districts to the various depots before the secondary evacuation of cocoa to the Takoradi and Tema ports.
Transportes used to charge a kilo or more than 1 kg of cocoa per bag. A kilo of cocoa for the 2022/23 crop season was GHS 12.80. Transporter charges GHS 10.00 to GHS 15.00 per bag; the problem has always been the frequent fuel price increments and bad cocoa roads.
Farmers will receive not less than GHS 1,380 for a 64kg bag of cocoa in Ghana.
Civil Society Organisations (CSOs)
Reference: Ghana’s New Cocoa Pricing Policy Set To Boost Farmer Income “The Cocoa Post”
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