Government has announced a 28% increase in the producer price of cocoa per bag for 2020/21 crop year. The new price takes effect from the 1st of October 2020.
This was disclose by President Akufo Addo on Thursday, 24th September 2020, on day one of his 3-day tour of the Western North Region, when he launched the Cocoa Rehabilitation Programme, in Sefwi Wiawso.
“Nananom, beginning 1st October 2020, I am happy to announce the award of a new cocoa producer price of ten thousand, five hundred and sixty cedis (GH¢10,560) per metric ton, equivalent to six hundred and sixty cedis (GH¢660) per bag for the coming 2020/21 crop year. This represents a hike of more than twenty-eight per cent (28%) over the price obtained in the outgoing crop year of 2019/2020.”
The current 2019/20 producer price of eight thousand, four hundred and twenty cedis (GH¢8,240) per metric ton, i.e. five hundred and fourteen cedis (GH¢514) per bag, was an 8.2% increase over the 2018/2019 price of seven thousand, six hundred and fifteen cedis (GH¢7,615), i.e. four hundred and seventy-five cedis (GH¢475) per bag.
“By this new producer price, we have kept faith with our commitment, under the international arrangement with Côte d’Ivoire and global stakeholders, by awarding to our farmers the full four hundred United States dollars per metric ton (US$400/MT) Living Income Differential (LID),” he said.
The President continued, “By this substantial increase in the producer price, we are also delivering on our 2016 manifesto promise to reward handsomely the hard work of our cocoa farmers and their unequalled contribution to the economy of Ghana over the years.”