Ghana has announced a significant increase in the farmgate price paid to cocoa farmers, raising it by 58.26% to GH¢33,120 per tonne for the 2023/2024 crop season.
The new price will come into effect from April 5, 2024.
Sources indicate that this adjustment aims to distribute profits from the surging global cocoa prices and discourage farmers from engaging in bean smuggling.
Over the past year, cocoa prices have surged dramatically, more than tripling, due to disease outbreaks and adverse weather conditions in Ghana and neighboring Côte d’Ivoire, leading to a third consecutive deficit in the global market.
Presently, Ghana’s state-guaranteed cocoa price stands at GH¢20,943 cedi ($1,574.66) per tonne or approximately GH¢21 per kilogram.
Following suit, Côte d’Ivoire also raised its farmgate price to 1,500 CFA francs ($2.47, or about GH¢33) per kilogram for the April-to-September mid-crop of the 2023/24 season, up from 1,000 CFA francs last season.