body-container-line-1
27.02.2024 Agriculture

Cocoa price: ‘Farmers can be sure that I’ll do right in next season’ — Akufo-Addo hints at record increase

Cocoa price: Farmers can be sure that Ill do right in next season — Akufo-Addo hints at record increase
27.02.2024 LISTEN

President Nana Akufo-Addo has signaled that Ghanaian cocoa farmers will see a record increase in the price of cocoa for the upcoming season.

In his State of the Nation Address delivered on Tuesday, February 27, the president hinted at taking action to ensure cocoa farmers are properly compensated given rising global cocoa prices.

He then highlighted what he describes as a spectacular increment of the cocoa price from eight hundred cedis per bag (GH¢800) to one thousand, three hundred cedis (GH¢1,300) per bag in the current cocoa season.

"We all witnessed the spectacular increment of the cocoa price from eight hundred cedis per bag (GH¢800) to one thousand, three hundred cedis (GH¢1,300) per bag in the current cocoa season, the highest increase in fifty (50) years," Akufo-Addo said.

"With the current trend of the world cocoa price, cocoa farmers can be sure that I will do right by them in the next cocoa season,” he added.

Meanwhile, Cocoa increased 2,584 USD/MT or 61.58% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.

Historically, Cocoa reached an all-time high of 6929 in February of 2024.

Isaac Donkor Distinguished
Isaac Donkor Distinguished

News ReporterPage: IsaacDonkorDistinguished

body-container-line