The Ghana Cocoa Board has announced new prices, margins, rates and charges for the 2024/2025 crop season which officially began today. Farmers will witness a substantial increase in the farm gate price of cocoa beans for the 2024/2025 crop season.
A ton of cocoa for the 2024/2025 crop season as announced by the Food and Agriculture Minister, Dr. Bryan Acheampong will be bought at Ghc 48,000 whiles a 64kg bag of cocoa is expected to be bought at Ghc 3, 000.
On the inter-season basis, the price has increased from Ghc20,908 per ton and Ghc1,308 per bag at the opening of the 2023/2024 crop season to Ghc 48, 000 per ton and Ghc 3,000 per 64kg bag. This represents a 129.36% increase from last crop season’s price.
The new price falls short of the proposed price of Ghc 6,000 some farmers were agitating for few weeks ago. The farmers argued that the current world market price of about $6246 warranted an increase in the farm gate price to appropriately commensurate with the price change. Some said any increment short of their proposal will be met with objections.
But, speaking at a brief ceremony to announce the new prices, Food and Agriculture Minister, Dr. Bryan Acheampong averred that the world market price of cocoa has witnessed the highest volatility over the past year. “Spot prices have moved from $2000 per ton in March, 2023, peaked at $12, 000 per ton in February, 2024 before eventually dropping to $7960 per ton in September, 2024.”
Explaining further, he revealed there have been similar changes on the futures market, a domain that Ghana has traded in for the past five decades. “…. prices have moved from $2200 in March, 2023, to over $10, 000 in February, 2024 before dropping significantly to $6246 in September, 2024”, Dr. Bryan Acheampong shared.
He argued that the severe highs and lows of prices on the market demands a careful and thorough analysis to understand trends before contemplating and deciding on pricing.
The vision of President Nana Akufo-Addo, as reiterated by Dr. Bryan Acheampong, is to ensure that the cocoa industry remains robust, resilient and sustainable for present and future generations. This appreciable increment in the producer price of cocoa, the minister says, signifies the commitment to improve the sector as well as the livelihoods of the Ghanaian cocoa farmer.
The 2024/2025 price, margins, rates and charges as announced by the Agriculture Minister, Dr. Bryan Acheampong are to take effect starting today 11th of September, 2024.