\n
\u00a0<\/p>\n
Cocoa farmers have received a welcome boost as President Nana Addo Dankwa Akufo-Addo announced an increase in the producer price of cocoa for the 2024\/2025 crop season.<\/p>\n
The new price of GHC3,100 per 64kg bag represents a 0.03% rise from the previous rate set in September.<\/p>\n
This increase is part of the government\u2019s broader strategy to periodically review cocoa prices, ensuring farmers\u2019 incomes are supported amidst challenging market conditions.<\/p>\n
Speaking at the National Farmers\u2019 Day awards, President Akufo-Addo emphasized the importance of regular price adjustments that reflect global market trends and local realities.<\/p>\n
The cocoa industry is a vital sector in Ghana\u2019s economy, accounting for nearly 8% of the country\u2019s GDP and employing approximately 2.5 million people.<\/p>\n
The price increase is expected to improve farmers\u2019 livelihoods and sustain Ghana\u2019s position as one of the world\u2019s leading cocoa producers.<\/p>\n
Background of Cocoa Pricing in Ghana<\/p>\n
Historically, cocoa prices have been volatile, influenced by global demand and supply dynamics, local production factors, government policies, and exchange rate fluctuations.<\/p>\n
In recent years, the price range of a single bag of cocoa in Ghana has been between GHC 1,000 and GHC 3,000.<\/p>\n
Impact on Farmers and the Economy<\/p>\n
The increased cocoa price will have a positive impact on farmers\u2019 income, enabling them to cover production costs and maintain their livelihoods.<\/p>\n
Additionally, the government\u2019s efforts to support farmers through initiatives that boost productivity and ensure fair compensation will strengthen the agricultural sector and contribute to Ghana\u2019s economic growth.<\/p>\n
National Best Farmer Award<\/strong><\/p>\nThe National Farmers\u2019 Day celebration also recognized exceptional contributions to agriculture, with Nana Owusu Achiaw Brempong, a 70-year-old farmer from the Sekyere Central District, being named the National Best Farmer for 2024.<\/p>\n
He received one million Ghana cedis and other prizes for his outstanding achievements in farming and significant impact on the country\u2019s agricultural sector.<\/p>\n
-BY Daniel Bampoe<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
\u00a0 Cocoa farmers have received a welcome boost as President Nana Addo Dankwa Akufo-Addo announced an increase in the producer price of cocoa for the 2024\/2025 crop season. The new price of GHC3,100 per 64kg bag represents a 0.03% rise from the previous rate set in September. This increase is part of the government\u2019s broader […]<\/p>\n","protected":false},"author":1,"featured_media":248476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-248475","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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