Ghana's cocoa regulator plans nearly 45% increase in farmgate prices for 2024/25 season

Ghana’s cocoa regulator is planning to increase the state-guaranteed price paid to cocoa farmers by nearly 45% for the 2024/25 crop season, according to a Reuters report. If confirmed, this would be the second consecutive price increase, aimed at boosting farmers’ incomes and discouraging cocoa bean smuggling out of the country.

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Earlier this year, Ghana followed fellow major cocoa producer Côte d’Ivoire in raising the farmgate price by 58%, bringing it to 33,120 Ghana cedis (around $2,499) per ton. This move aligns with calls from the Ghana Civil Society platform, which urged the cocoa regulator to set the minimum farmgate price for the 2024/2025 season at $3,662 per ton.

The price of cocoa has risen sharply this year due to increased demand and challenges in West Africa, including crop diseases and changes in weather conditions. Every year in September, the Ghanaian government announces new farmgate prices for cocoa bags and tons, which apply from September of the current year through August of the following year.