REVIEW OF THE PRODUCER PRICE OF COCOA FOR THE 2024/2025 COCOA SEASON WEDNESDAY, 11TH SEPTEMBER, 2024

Date: 11th September 2024

History of Cocoa Prices
The world market price of cocoa has witnessed the highest levels of volatility over the past 12 months. Spot prices moved from around US$2,000/ton in March 2023, peaked at US$12,072/ton in February 2024 before dropping significantly to US$7,960/ton in September 2024.  On the futures market, where Ghana has traded for over 50 years, prices moved from $2,200 in March 2023 to over $10,000 in February 2024 before dropping significantly to $6,246 in September 2024. 

The severe highs and lows of prices are indicative of a market and sector that requires careful analysis before making any pricing decisions.  

Ladies and Gentlemen, against this background, the Producer Price Review Committee (PPRC) on cocoa, agreed yesterday on the Producer Price of cocoa and other rates and fees, for the 2024/2025 crop season.

Producer Price
We are pleased to announce that the producer price of cocoa for the 2024/25 season is GH¢48,000.00 per tonne or  GH¢3,000.00 per 64kg bag. On an inter-season basis, it has been increased from GH¢20,928.00 per tonne or GH¢1,308.00 per 64Kg bag at the opening of 2023/24 season to now GH¢48,000.00 per tonne or GH¢3,000.00 per 64Kg bag.  

This is an unprecedented increase of 129.36%. 

The vision of His Excellency Nana Addo Dankwa Akufo-Addo is that the cocoa industry remains robust, resilient and sustainable for present and future generations. This appreciable increment in the producer price of cocoa signifies the government’s commitment to improving the sector and the livelihoods of the Ghanaian cocoa farmer. 

Effective Date
The 2024/25 price, margins, rates and fees will take effect from today, Wednesday, 11th September 2024.

On this note, I declare the 2024/25 cocoa season is duly opened.

DR. BRYAN ACHEAMPONG (MP)
MINISTER FOR FOOD AND AGRICULTURE