President Akufo-Addo, speaking on Saturday (September 9th) in Tepa, Ashanti Region, announced a significant boost in cocoa producer prices, with a 63.6% increase from GHC12,800 per metric tonne (GHC800 per bag) to GHC20,943 per metric tonne. This equates to GHC1,308.99 for every 64-kilogram bag of cocoa beans sold to licensed buying companies. President Akufo-Addo noted that this is the highest price paid to farmers in West Africa in over five decades.
Financial analyst and editor, Toma Imirhe, described this price hike as a game-changer for cocoa farmers and the cocoa sector. He emphasized that this substantial increment will lead to greater financial independence for cocoa farmers, reducing their reliance on state support for fertilizers and insecticides.
Imirhe highlighted that while the focus in recent years has been on increasing productivity, raising the actual price paid to farmers serves as a significant incentive. He believes that Ghana’s cocoa farmers are gradually moving towards a point where they can purchase inputs like fertilizers at market prices and still generate profits, ultimately benefiting everyone involved in the cocoa industry.