Ghanaian president announces 28 percent increase in cocoa producer price for 2020/21 season

Ghanaian President Nana Addo Dankwa Akufo-Addo announced late Thursday a 28 percent increase in the farm gate price for cocoa in the 2020/21 season.

With the increase, a tonne of cocoa will sell at 10,560 Ghana cedis (1,822 U.S.dollars), or 660 cedis (133 dollars) per bag during the season, which begins October 1.

During the 2019/20 crop season, the price for a tonne of cocoa was 8,240 cedis (1,422 dollars) or 515 cedis (88.91 dollars) per bag.

“Nananom, I am happy to announce the award of a 28 percent increase in the price of cocoa for the coming season,” Akufo-Addo told stakeholders at a meeting at the Western North regional capital Sefwi Wiawso.

The governments of Ghana and Cote d’Ivoire are implementing a price floor of 2,600 dollars per tonne of cocoa and a living income differential of 400 dollars per tonne, aimed at tackling poverty among cocoa farmers. Enditem