Ghana has raised its cocoa farmgate price to align with Côte d’Ivoire’s recent increase, marking the second price hike this season to strengthen farmer incomes and address challenges facing the cocoa sector.
Announced by President Nana Addo Dankwa Akufo-Addo at the National Farmers’ Day awards, the new price of GH₵49,600 per metric tonne—equivalent to $3,062—brings Ghana’s rate in line with Côte d’Ivoire, the world’s leading cocoa producer.
The latest adjustment lifts the price from GH₵48,000 set in September, and increases the per-bag price from GH₵3,000 to GH₵3,100. “On the advice of the producer price review committee, I am pleased to announce an increase in the producer price of cocoa from GH₵48,000 to GH₵49,600 per tonne,” President Akufo-Addo said, noting the importance of keeping prices competitive with neighbouring Côte d’Ivoire to support farmers and reduce smuggling.
This move, which pushed the Ivorian rate slightly above Ghana’s previous price of $3,039 per tonne, had prompted some Ghanaian farmers to withhold their beans in anticipation of a similar increase.
The president’s announcement addresses concerns over income disparity and cocoa smuggling, which has become a significant issue as farmers sought higher prices across borders.
Ghana reportedly lost more than a third of its cocoa output in the 2023/24 season due to cross-border smuggling, contributing to a two-decade production low that has helped drive global cocoa prices to record levels.
In addition to the price increase, President Akufo-Addo directed Cocobod to offer scholarships to children of cocoa farmers pursuing tertiary education.
This initiative is part of a broader effort to support Ghanaian cocoa farmers, who face challenges from fluctuating market prices, climate impacts, and competition from neighbouring countries with more competitive rates.
