According to two sources with knowledge of the price review process, Ghana plans to raise the state-guaranteed price paid to cocoa growers by over 45% for the 2024–2025 crop season.
This is a component of initiatives to increase farmer incomes and stop the export of cocoa beans.
For the balance of the 2023–24 season, the second-largest cocoa producer in the world increased the farmgate price by more than 58% in April to 33,120 cedis ($2,123.08) per metric ton, or GH¢2,070 per 64 kg.
This mid-season price increase came after the leading cocoa producer, neighboring Ivory Coast, raised its farmgate price for the April to September mid-crop of the 2023–24 season from 1,000 CFA francs to 1,500 CFA francs (US$2.55) per kilogram the previous season.
Ghana’s cocoa producer price review committee has set the new price at 48,000 cedis per ton for the 2024/25 season, marking a nearly 45% increase. The decision awaits cabinet approval, though changes are unlikely. This price must align with Ivory Coast’s farmgate price, yet to be announced. The season’s start, originally planned for September 1, has been delayed due to concerns over bean smuggling and anticipated price hikes.
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