Ghana set to raise cocoa farmgate price by nearly 45pc

ACCRA, Sept 2 (Reuters): Ghana will increase the state-guaranteed price paid to its cocoa farmers by nearly 45 per cent for the 2024/25 crop season, two sources with knowledge of the price review told Reuters, to help boost their incomes and deter bean smuggling out of the country.

The world's number two cocoa producer raised the farmgate price by more than 58 per cent to 33,120 cedi ($2,123.08) per metric ton, or 2,070 cedi per 64 kilogram (kg), in April for the rest of the 2023/24 season.

The mid-season price hike came after top cocoa producer, neighbouring Ivory Coast, raised its farmgate price to 1,500 CFA francs (US$2.55), or around 40 cedis, per kg for the April-to-September mid crop of the 2023/24 season, up from 1,000 CFA francs last season.

One source said Ghana's cocoa producer price review committee had pegged the price at 48,000 cedi per ton, translating to 3,000 cedi per 64 kg of cocoa, for the 2024/25 season due to begin later in September, an increase just shy of 45 per cent.

The source said the decision would be sent to the cabinet pending an announcement.