Ghana’s Cocoa Producer Price Comparatively Looks Better Now!

Cocoa is the foundation of the Ghanaian economy, which accompanies heaps of segments. Cocoa export is one of the significant pay creating drives for the economy. Since 1870, cocoa which was brought into the country by Tetteh Quarshie, has been one of the significant fare yields of the Ghanaian economy.

Ghana’s export revenue from cocoa has been ascending since its introduction especially in recent years. In 2018, the total export value was $3.2 billion, a 34% expansion from 2017 and up 71% from 2016, as indicated by a crdible data organization TradeMap.

In fact, Cocoa is the chief agric export of Ghana and the country’s primary money crop is cocoa. Be that as it may, the world biggest irrigation system scheme of cocoa is Ivory Coast, with Ghana being the second biggest cocoa exporter on the planet.

Between 2018 and a year ago (2019), Ghana is assessed to have produced around 812 thousand tons of cocoa beans, a decline from roughly 969 thousand tons in 2016 and 2017. Interestingly, the reality can’t be questioned that cocoa beans began from South America, but Africa especially Ghana is more credited to the crop.

In all actuality, cocoa has been entirely productive to Ghana, nonetheless, the people who invest their energy in the growing of the crop and experiencing all the cycle to discover its direction onto the market, has not been fairly treated.

Farmers have recently lived in ‘pain’ for not getting their compensations for their diligent effort. Most of them don’t live a good life and have lately voiced out for better conditions to basically all government administrations that come to power.

Notwithstanding, the current President of Ghana, Nana Akuffo-Addo has tuned in to their supplication and has adjusted the price to suit the Ghanaian farmers. Previously, cocoa farmers earned a per capita daily income of approximately USD $0.40-$0.45 on cocoa, which amounts to an annual net income of USD $983.12-$2627.81 and accounts for two thirds of cocoa farmers’ household income.

However, things are step by step changing as authorities are chipping away at their every day per capita pay. As the second-biggest supplier of cocoa to the global market—Ghana make up around 25 percent of the worldwide supply.

The country is generally known for its cocoa beans, and its chocolate. Cocoa price has been slow walking in Ghana but the good news is that, starting from 1st October, 2020, the new producer price was pegged at GHS10,560 per metric tonne of cocoa indicating that a bag of cocoa is now GHS660.

The current price per 64kg sack of cocoa, which remains at GHS514 had before been expanded by 8.2 percent from GHS475 per pack.