The president claims that the increase is the largest to have occurred in West Africa in the previous 15 years. The president made this declaration at Tepa in the Ashanti Region, to mark the start of the 2023–2024 cocoa harvest.
The increase comes as cocoa farmers stepped up their calls for an increase in cocoa prices to stop smuggling and the practice of leasing out their land to illicit miners.
President Akufo-Addo announced the increase with the conviction that the new regulations being implemented will enhance the cocoa industry.
“Until recently, international prices of cocoa have remained relatively low and made worse by COVID-19. In spite of this, government has taken a very hard decision to increase producer prices of cocoa. Cocoa prices have increased from GH¢7,600 per ton in 2016 to GH¢12,800 per ton in 2022. A significant increase of 68 percent. This has had an adverse impact on COCOBOD’s financial performance. However, the sustainability of the entire industry hinges on the producer being willing to invest in business and be certain that government repays the appropriate price. The international market is beginning to pick and government in keeping with our promise to Ghana cocoa farmers has today increased cocoa beans from GH¢12,800 to GH¢20,943 per ton and GH¢1,308 per bag,” he stated.
The Ghana Cocoa Board (COCOBOD) reports that 150,000 metric tonnes of cocoa have been illegally exported from Ghana just this year, a problem they are addressing with strict measures.
Bryan Acheampong, the minister of agriculture, expressed the commitment of his department to combating cocoa smuggling forcefully.
“I will not disappoint Ghanaians in our quest to stop smuggling. I will not disappoint Ghanaians. We shall see this year if there will be cocoa smuggling,” he said.
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