Government has announced new producer price of cocoa for the 2001/2002 season, which began on Friday, October 12, 2001. A bag of cocoa will now sell at 274,000 Cedis ($39) as against 242,000 (about $34) Cedis in the 2000/2001 season. The new price thus represents a 35 per cent increase over last year’s price. A tonne of cocoa will therefore be sold at about 4.4 million Cedis instead of nearly 3.9 million Cedis in the previous season.

The producer price to be sold at all buying centres is 131,520 Cedis per load of 30 kilogrammes for Grade 1 and 11 cocoa beans. The comparative price currently being paid in Cote d’Ivoire is 3,750,000 Cedis per tonne thus making the difference between Ghana and Cote d’Ivoire 634,000 Cedis.

The Minister for Economic Planning and Regional Co-operation, Dr Paa Kwesi Nduom who announced this said the increases are in line with government’s commitment to pay remunerative prices to the hardworking cocoa farmers for their efforts and thereby reduce poverty. He said an amount of 5 billion Cedis will be put into the COCOBOD Scholarship Scheme with the view to ensuring the expansion and coverage of the scheme.