Ghana’s cocoa regulator is considering a nearly 45% increase in the state-guaranteed price for cocoa farmers for the 2024/25 crop season, according to Reuters on September 2.
If implemented, this would mark the second consecutive price hike. Earlier this year, Ghana raised the farmgate price by 58% to 33,120 Ghana cedis (approximately 2,499 U.S. dollars) per ton, following Côte d’Ivoire’s lead. This adjustment aims to improve farmers’ incomes and curb cocoa bean smuggling.
The Ghana Civil Society platform has urged the regulator to set the minimum farmgate price for the 2024/25 season at 3,662 U.S. dollars per ton.
The government announces new cocoa prices each September, which apply from the start of the cocoa season in September until August of the following year. This year’s price surge is attributed to increased demand and challenges with cocoa crops in West Africa, including plant diseases and weather-related issues.