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In response to rising global cocoa prices, Ghana has increased the price of cocoa to GH¢2,070 per 64-kilogramme bag during the 2023/24 crop season. Looking ahead to the 2024/25 crop season, the government plans to raise this further to GH¢3,000 per bag, a move aimed at supporting local cocoa producers amidst fluctuating market conditions.
This increase follows a mid-season price adjustment by Ivory Coast, the world’s top cocoa producer. Ivory Coast raised its farmgate price to 1,500 CFA francs (US$2.55), or approximately 40 cedis per kilogram, for the April-to-September mid-crop of the 2023/24 season. This represents a substantial increase from the previous 1,000 CFA francs, signaling a regional shift toward higher support for cocoa farmers.
On September 2, Reuters reported that Ghana is set to boost the income of cocoa farmers by nearly 45% for the 2024/25 crop season, raising the state-guaranteed farmgate price to 33,120 cedi ($2,123.08) per metric ton. This follows a 58% increase in April, which brought the price to 2,070 cedi per 64 kg for the remainder of the 2023/24 season.
The synchronized price adjustments in Ghana and Ivory Coast reflect an ongoing effort by the two largest cocoa producers, who supply over 60% of the world’s cocoa, to stabilize the sector and enhance farmers’ incomes. These measures have been particularly important as adverse weather and disease outbreaks have led to the third consecutive year of a cocoa supply deficit, driving global market prices higher.