Ghanaian President Nana Akufo-Addo has announced a modest increase in the price paid to cocoa farmers, lifting it from GH₵3,000 to GH₵3,100 per 64kg bag for the 2024/2025 crop season. This adjustment, a 0.03% rise from the previous rate set in September, aims to align prices more closely with current market conditions.
The new rate translates to GH₵49,600 per tonne, up from the previous GH₵48,000. Speaking at the National Farmers’ Day awards ceremony in Accra on Friday, President Akufo-Addo said the move came after recommendations from the Producer Price Review Committee.
He expressed hope that the price hike would help stabilise farmers’ incomes amid ongoing economic challenges, reaffirming his commitment to support Ghana’s cocoa producers.
“I am pleased to announce, on the advice of the producer price review committee, an increase in the producer price of cocoa from GH₵48,000 to GH₵49,600 per tonne, raising the price from GH₵3,000 to GH₵3,100 per bag,” he stated.
The president highlighted that periodic price reviews are a crucial measure to bolster income security for cocoa farmers, who are vital to the nation’s economy.
Source:TheDotNews