Ghana Cocoa Farmers to See 45% Price Increase for 2024/25 Season

Ghana plans to increase the state-guaranteed price for its cocoa farmers by nearly 45% for the 2024/25 crop season to boost incomes and deter bean smuggling. This follows a previous 58% hike in the farmgate price during 2023/24. The final decision awaits cabinet approval.

Ghana is set to increase the state-guaranteed price paid to cocoa farmers by nearly 45% for the 2024/25 crop season, sources familiar with the price review process told Reuters. The move aims to boost farmers' incomes and deter bean smuggling.

The world's second-largest cocoa producer had already raised the farmgate price by more than 58% to 33,120 cedi ($2,123.08) per metric ton in April for the remainder of the 2023/24 season. This followed an increase by neighboring Ivory Coast, the top cocoa producer.

Sources revealed that Ghana's cocoa producer price review committee has set the price at 48,000 cedi per ton for the 2024/25 season, which begins later in September. The decision awaits cabinet approval, but changes are unlikely as further increases could push the cocoa marketing board, Cocobod, into a deficit.

(With inputs from agencies.)