The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo has announced an increase in the price of cocoa.
The new cocoa price for the 2020-2021 cocoa season is 660 Ghana Cedis against the previous price 515 Ghana Cedis per bag.
According to Nana Akufo-Addo, the new price is expected to start from 1st October, 2020.
The quote of the President’s announcement which has gone viral on several social media platforms and portals reads: Nananom, beginning 1st October 2020, I am happy to announce the award of a new cocoa producer price of GHC10,560 per metric tonne, equivalent of GHC660 per bag for the coming 2021 crop year.
This represent’s a hike of more than 28% over the price obtained in the outgoing crop year of 2019/2020
The President made this announcement when he was addressing a gathering at Sefwi Wiawso to officially launch the Cocoa rehabilitation program.
He stated that, the new cocoa price came as a package to provide relief for cocoa farmers who go through a lot of challenges..
Nana Akufo-Addo said, the price is also expected to go a long way to encourage the youth in the country to venture into cocoa farming which is a very lucrative venture.