Government increases price of cocoa per bag from GH¢800 to GH¢1,308

President Akufo-Addo has officially announced a significant increase in the farm gate price of cocoa beans, raising it from GH¢800 to GH¢1308 per bag for the upcoming cocoa season.

During the opening of the 2023/2024 cocoa season in Tepa, located in the Ashanti region, President Akufo-Addo revealed that this adjustment marks the highest increase in West Africa within the past 15 years.

This price increment responds to the persistent pleas from cocoa farmers who have voiced concerns about smuggling activities and the illegal occupation of their lands by miners.

President Akufo-Addo expressed optimism about the impact of these new policies on the cocoa sector, foreseeing improvements in the industry.

According to the Ghana COCOBOD, a staggering one hundred and fifty thousand metric tonnes of cocoa have been smuggled out of Ghana this year alone. They are implementing stringent measures to curb this phenomenon.

Additionally, the Minister of Agriculture, Bryan Acheampong, has affirmed his commitment to tackling the issue of cocoa smuggling head-on.

“Mr. President, this big announcement is part of the COCOBOD turn around you order. I assure the nation that now COCOBOD has recovered and we will deliver the mandate to cocoa farmers and surely make Ghana proud.

“Clearly, we are at the drafting of the turnaround strategy as directed by the President and the effect that we are seeing today gives great promise to cocoa farmers and the cocoa industry,” Mr. Acheampong stated.