The Ghana Cocoa Board (COCOBOD) has reviewed, upwards, the producer price of cocoa, from GH¢6,720 per tonne, to GH¢7,520 for the 2016/2017 season.

A statement issued in Accra, and copied to the Ghana News Agency, said the Board has hence announced new cocoa prices for the cocoa season pegging it at GH¢470 per bag of 64kg gross weight.

The statement, signed by Dr. Stephen Kwabena Opuni, Chief Executive Officer of COCOBOD, said the new rate for the cocoa price took effect from October 1.

Dr. Opuni said: “COCOBOD and government have decided to pay bonus to farmers at the time of sale of their produce,” which will trigger the payment of additional GH¢5 per bag.

Dr. Opuni explained that every farmer had to be paid GH¢470 per bag, with GH¢5 as bonus, summing up to GH¢475 per bag, and cautioned the purchasing companies to ensure total compliance with the new producer prices of the crop.

“Licensed buying companies are to take note of this and pay our cherished farmers accordingly,” he said, adding, “all licensed buying companies must comply.”

Dr. Opuni advised all cocoa farmers to insist they are paid GH¢475 per bag of 64kg gross weight.