According to Reuters on Monday, September 02, Ghana’s cocoa regulator intends to raise the state-guaranteed price paid to its cocoa growers for the 2024–2025 crop season by almost 45%.
It would be the second consecutive rise if confirmed.
Following in the footsteps of Côte d’Ivoire, another significant cocoa producer, Ghana increased the commodity’s farmgate price earlier this year by 58% to 33,120 Ghana cedis (or 2,499 US dollars) per ton.
It is thought that this action will increase farmer incomes and discourage the export of beans.
This comes after the Ghana Civil Society Platform urged the nation’s cocoa regulator to increase the minimum farm-gate price to USD 3662 per ton in 2024–2025.
The government releases new far-gate announcements each September prices for cocoa bags and tons for the new cocoa season, which is between September of the current year and August of the following year.
The price of cocoa soared sharply this year because of demand and troubles with the crop in West Africa due to plant disease and changes in weather.
