President Akufo-Addo to Open 2023/24 Cocoa Season, Set to Unveil New Producer Price

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President Nana Addo Dankwa Akufo-Addo is set to officially inaugurate the 2023/24 cocoa season and unveil a new producer price for the commodity today Saturday, September 9, 2023.

This marks a departure from the usual tradition of announcing the cocoa season’s commencement in October.

The decision to open the cocoa season earlier than expected stems from concerns about farmers hoarding their produce in anticipation of a revised price, which has led to the cocoa beans potentially going to waste.

Mr. Joseph Boahen Aidoo, the Chief Executive of COCOBOD, revealed this change in the schedule and emphasized its significance in encouraging farmers to release their hoarded produce.

During the recent light crop season, there was a noticeable decrease in the amount of cocoa beans received. COCOBOD’s management suspects that this decrease was due to farmers holding back their beans in anticipation of a new producer price for the year.

Mr. Aidoo further explained that the shift from October to September not only addresses the issue of hoarding but also aims to assist farmers in meeting various financial commitments, including school fees and other expenses.

The determination of the producer price is an annual process carried out by a review committee. Given the current favorable price of cocoa on the international market, standing at $3,000 per ton, it is highly anticipated that the new producer price will witness an increase.

Mr. Aidoo emphasized the historic nature of the impending price announcement, which will take place at a special ceremony in Tepa, within the Ahafo Ano North District.

Highlighting the favorable weather conditions and the success of the cocoa rehabilitation program, which has rejuvenated numerous cocoa farms, Mr. Aidoo expressed optimism about the prospects of high cocoa yields in the upcoming season. As the cocoa industry braces for these changes, the nation eagerly awaits the announcement of the new producer price that will impact countless farmers and stakeholders in the cocoa value chain.