Cocoa Farmers Hit Jackpot With Mouthwatering Producer Price

 

 

In a move that is expected to bring a significant boost to cocoa farmers in Ghana, the Producer Price Review Committee (PPRC) has announced a major increase in the producer price of cocoa.

As of today, September 11, 2024, the new price of cocoa stands at GH¢48,000 per tonne, representing a whopping 129% upward adjustment from the price announced in September 2023.

This means that a 64kg bag of cocoa will now sell for GH¢3,000, a significant increase from the previous price.

The new price takes effect immediately, and it is expected to bring a major boost to cocoa farmers and address the raging smuggling of the product.

The announcement was made by the PPRC, which is responsible for reviewing and setting the producer price of cocoa in Ghana.

The committee takes into account various factors, including the international market price of cocoa, production costs, and the overall performance of the cocoa industry.

The increase in the producer price of cocoa is seen as a major victory for cocoa farmers who have been advocating for better prices for their produce.

In recent years, cocoa farmers have been struggling to make a living due to low prices, which have made it difficult for them to invest in their farms and improve their livelihoods.

Ghana is the second-largest producer of cocoa in the world, and the crop is a major source of foreign exchange earnings for the country.

However, the cocoa industry has been facing challenges in recent years, including low prices, pests, and diseases, which have affected production and quality.

The government has been taking steps to address these challenges, including the introduction of new cocoa varieties, improved extension services, and support for cocoa farmers.

The increase in the producer price of cocoa is seen as a major step in the right direction, as it will provide cocoa farmers with the incentive to produce more and invest in their farms.

The new price is also expected to have a positive impact on the overall economy, as it will increase the income of cocoa farmers and their families, and also generate more foreign exchange earnings for the country.

Cocoa farmers have welcomed the announcement, saying that it will make a major difference in their lives.

BY Daniel Bampoe

The post Cocoa Farmers Hit Jackpot With Mouthwatering Producer Price appeared first on DailyGuide Network.

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