Ghana has increased its cocoa farmgate price to match the recent rise in Côte d’Ivoire. This is the second price increase this season to boost farmer earnings and solve issues facing the cocoa industry.
The new price of GH₵49,600 per metric tonne, or $3,062, was announced by President Nana Addo Dankwa Akufo-Addo during the National Farmers’ Day awards. This puts Ghana’s rate in line with that of Côte d’Ivoire, the world’s top cocoa producer.
The most recent change raises the price from GH₵48,000, which was fixed in September, to GH₵3,100 per bag.
President Akufo-Addo declared, “I am pleased to announce an increase in the producer price of cocoa from GH₵48,000 to GH₵49,600 per tonne on the advice of the producer price review committee.”
He emphasized the significance of maintaining prices competitive with neighboring Côte d’Ivoire in order to support farmers and curb smuggling.
Some Ghanaian farmers had withheld their beans in anticipation of a similar increase after this decision, which raised the Ivorian pricing just over Ghana’s previous price of $3,039 per tonne.
The president’s announcement tackles issues of income inequality and the smuggling of cocoa, which has grown to be a major problem as farmers have been looking for better prices abroad.
According to reports, cross-border smuggling caused Ghana to lose over one-third of its cocoa production in the 2023–2024 season, resulting in a two-decade production low that has helped push cocoa prices to all-time highs.
President Akufo-Addo ordered Cocobod to provide scholarships to children of cocoa farmers who are seeking higher education in addition to the price rise.
This program is a part of a larger attempt to assist Ghanaian cocoa growers, who deal with issues like shifting market prices, the effects of climate change, and competition from neighboring nations who offer more affordable prices.
