Cocoa drink lovers in Ghana have something to cheer about, as recent data from the Ghana Statistical Service (GSS) indicates a substantial decrease in inflation for cocoa beverages.
The latest report shows a significant dip in year-on-year inflation for cocoa drinks in August 2024, offering a welcome reprieve for consumers who enjoy popular brands like Milo, Ovaltine, and Richoco.
According to the report, year-on-year inflation for cocoa drinks in August 2024 stands at 4.5%, a notable decline from 5.8% in July. This suggests that prices for popular cocoa-based beverages like Milo, Ovaltine, Richoco, and Chocomilo are stabilizing, bringing some relief to consumers.
Additionally, the month-on-month inflation rate for cocoa drinks also showed a positive trend. In August, month-on-month inflation dropped to -2.3%, compared to 0.5% in July. This negative rate indicates not only price stabilization but also a reduction, which comes as welcome news for cocoa drink lovers after months of fluctuating prices.
These shifts are part of broader inflation trends, with certain food and beverage categories seeing easing price pressures. For fans of these popular cocoa drinks, this price drop means more affordable choices, whether they are enjoying a warm cup of Milo with breakfast or savouring **Ovaltine** as a quick snack.
Meanwhile, cocoa farmers in Ghana have also received encouraging news, with the government announcing a 45% increase in the producer price for cocoa in the 2024/2025 season. This price hike, designed to boost farmers’ incomes and curb the smuggling of cocoa to neighbouring countries, brings the farm-gate price to GHS 48,000 per metric tonne, up from GHS 33,120 per metric tonne.
The government hopes this increase will help cocoa farmers reinvest in their farms and counteract the challenges posed by adverse weather conditions, production costs, and diseases like the Cocoa Swollen Shoot Virus. This effort is part of a broader strategy to ensure that Ghana, a leading global cocoa producer, remains competitive in the international market.
These developments support cocoa farmers and offer promising signs for cocoa drink lovers, who may continue to enjoy affordable prices for their favourite beverages in the months ahead.
