The government has increased the price of cocoa from GH¢800800 to GH¢8001,308 per bag, representing 63.5 per cent.
President Nana Addo Dankwa Akufo-Addo announced the new price index on Saturday, September 9, ahead of the new cocoa season for 2023 and 2024.
The 2023/2024 cocoa crop season will start from September 2023 against the initial date of October 1, 2023.
Before announcing the new price, cocoa farmers called for a 72.5% upward adjustment of the farm gate price of cocoa beans from GH¢800 to GH¢1,380 per bag for the next cocoa season.
President Akufo-Addo says the new price is the highest in West Africa in the past 15 years.
He added that the price increment is to sustain cocoa production in Ghana, the backbone of the economy.
The President also seized the opportunity to appreciate all cocoa farmers in the country for their efforts in providing revenue for the state.