- The government to increase the state-guaranteed price paid to cocoa farmers
- This decision aims to boost farmers' incomes
- However, the opening will likely be delayed
The Ghanaian government is set to increase the state-guaranteed price paid to cocoa farmers for the upcoming 2024/25 crop season by nearly 45%.
This decision aims to boost farmers’ incomes and deter bean smuggling.
The proposed price increase is part of an effort to align with neighboring Ivory Coast’s pricing strategy and ensure the sustainability of the cocoa sector.
Both countries have been working together to coordinate farmgate prices and cocoa supplies.
The International Cocoa Organization has forecasted a global cocoa deficit for the 2023/24 season, driven by disease and adverse weather in Ghana and Ivory Coast.
This has contributed to the buoyant cocoa prices this year.
Ghana’s cocoa marketing board, Cocobod, previously planned to launch the 2024/25 season earlier than usual to reduce bean smuggling.
However, the opening will likely be delayed.
The proposed price increase is expected to benefit Ghanaian cocoa farmers and help address the challenges posed by smuggling and delayed payments.
