Cocoa Prices Surge in Ghana Amidst Political Maneuvering

Ghana has increased the farmgate price for cocoa farmers to address income boosts and discourage smuggling, amidst political speculation ahead of upcoming elections. Despite the raised prices, criticisms suggest the hikes are politically motivated and insufficient against inflation impacts as the nation braces for election season.

In a significant move, Ghana has raised the farmgate price for cocoa farmers for the second time in the 2024/25 season, elevating incomes amid looming elections.

President Nana Akufo-Addo announced the new price of 49,600 Ghanaian cedi per metric ton, up from the previous 48,000 cedi.

Despite the price adjustments, political analysts question the policy's electoral motivations, as inflationary pressures diminish its impact.

(With inputs from agencies.)