Government has announced a 45% increase in the producer price of cocoa for the 2024/2025 crop season in a bid to reduce smuggling and improve the welfare of cocoa farmers. Agriculture Minister Bryan Acheampong made the announcement on September 11, raising the price of a 64-kilogramme bag of cocoa beans from $132 to $192.
This brings the new farm gate price to $3,063 per tonne, representing a significant increase from last season’s opening price of $1,335 per tonne. Acheampong described the increase as “unprecedented” and a testament to the government’s commitment to improving the cocoa sector and supporting farmers.
The move comes after a mid-season price adjustment in 2023 due to soaring international cocoa prices, which have recently surpassed $7,000 per tonne. Ghana, along with Ivory Coast, is one of the world’s top cocoa producers but has struggled with smuggling and declining harvests due to unfavorable weather conditions and disease outbreaks.
Experts believe the price hike will incentivize farmers to sell their cocoa legally, thereby curbing cross-border smuggling and stabilizing the global cocoa supply.