Ghana has increased the Producer Price of cocoa by 58.26% for the rest of the 2023/24 crop year, aiming to boost the income of cocoa farmers amidst rising international cocoa prices.
Effective from April 5, 2024, the price surge from GH¢20,928 to GH¢33,120.00 per tonne reflects the government’s commitment to farmers’ welfare and economic growth.
The Buyers’ margin has been revised to GH¢2,980.00 per ton to cushion Licensed Buying Companies against increased finance costs.
Ghana’s state-guaranteed cocoa price is presently GH¢20,943 cedi ($1,574.66) per ton or about GH¢21 per kilogramme.
Côte d’Ivoire on Tuesday, April2, 2024, raised its farmgate price to 1,500 CFA francs ($2.47, or about GH¢33) per kilogramme for the April-to-September mid crop of the 2023/24 season, up from 1,000 CFA francs last season.
The move, according to sources, is to share profits from rising global prices and deter farmers from bean smuggling.
These adjustments highlight the government’s efforts to sustainably support the cocoa industry and ensure fair returns for stakeholders.
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