COCOBOD ANNOUNCES REVIEW OF THE PRODUCER PRICE OF COCOA FOR THE 2024/2025 COCOA SEASON

On September 11, 2024, Ghana’s Producer Price Review Committee announced a new cocoa producer price of GHS48,000 per tonne or GHS3,000 per 64 kilogram bag, representing a 129 percent increase from the previous GHS20,928 per tonne. The revision follows an extraordinary year of volatility in global cocoa prices, with spot prices ranging from USD2,000 per tonne in March 2023 to a peak of USD12,072 per tonne in February 2024, before settling at USD7,960 per tonne in September 2024. Futures prices also saw dramatic swings, reinforcing the need for careful price reviews. The government described the new producer price as a bold measure to strengthen the cocoa sector, protect farmer incomes, and ensure the sustainability of Ghana’s cocoa industry. Effective immediately, the adjustment reflects President Akufo-Addo’s vision to build a robust and resilient cocoa economy that rewards farmers fairly and supports long-term growth.