COCOBOD Increases Farmgate Price by 45% to GHS 48,000 per Tonne for 2024/25 Season
COCOBOD has set the farmgate price for cocoa farmers at GHS 48,000 per tonne or GHS 3,000 for 64kg per bag for the 2024/2025 crop season.
The hike in farmgate price represents a 45% increase in the producer price compared to the April 2024 farmgate price of GHS 33,120 or GHS 2,070 per 64kg bag.
“PPRC has announced an increase in the producer price of cocoa to GH¢48,000 per tonne for the 2024/25 cocoa season. A 129% upward adjustment from the price announced in Sept. 2023, setting the new price of 64kg bag of cocoa at GH¢3,000 effective today,” remarked COCOBOD in a social media post on Wednesday announcing the new farmgate price.
The Ghana Civil Society Cocoa Platform (GCCP) had called on COCOBOD to set the farmgate price for the 2024/25 crop season at no less than GHS 3,583 per 64kg bag of cocoa beans from the current amount of GHS 2,070.
At a press conference on Monday, September 2, 2024, cocoa farmers argued that based on current global market trends which have seen cocoa prices average over $6,104 per tonne in the 2023/24 season, farmers should receive at least 60% of the Free on Board price in determining the farmgate price for the 2024/25 season.
The Minority Caucus in Parliament had also demanded no less than GHS 6,000 per bag.
Speaking on the floor of Parliament on September 3, 2024, Minority Leader, Dr Cassiel Ato Forson averred, “The prevailing price of cocoa on the world market and the exchange rate imply that the cocoa farmer cannot be paid anything less than GHS 6,000 per bag. The payment of the GHS 6,000 per bag is critical because our farmers deserve the benefit of their hard labour.”
