Cocoa farmers across the country have been given a huge incentive to produce more after government announced a 62.74% increment in the producer price of cocoa.

The decision takes effect from Friday, October 3.

The announcement was made Thursday by the Ministry of Finance and officials of the Ghana Cocoa Board.

Government will now pay cocoa farmers GHS5, 520 per ton of cocoa they produce for the 2014/2015 crop season, up from GHS3,392.

The price also includes a 5 percent bonus on every 64kg on the gross weight of cocoa.

The price increment was determined by the producer price review committee.