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The price of cocoa soared sharply this year because of demand and troubles with the crop in West Africa due to plant disease and weather changes
Ghana plans to increase the state-guaranteed price paid to its cocoa farmers for the 2024-25 crop season. A decision to this effect was taken by the Cocoa Regulator The increase is nearly 45% as reported by sections of the media. Analysts maintain that the decision is to prevent bean smuggling out of the country through clandestine channels.
As reported by www.trendsnafrica.com, earlier this year, Ghana followed fellow major cocoa producer Côte d’Ivoire in raising the farm gate price of the commodity by 58% to reach 33,120 Ghana cedis (about USD 2,499) per ton. The Ghana Civil Society platform called on the country’s cocoa regulator to raise the minimum farm-gate price for 2024-2025 to reach US$3662 per ton.
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Every September, the government announces new farm gate prices for cocoa bags for the new cocoa season. This is announced between September of the current year and August of the following year. The price of cocoa soared sharply this year because of demand and troubles with the crop in West Africa due to plant disease and weather changes.
