- Ghana, the world’s second-largest cocoa producer after Ivory Coast, has increased the farmgate price for cocoa beans by 21% to ¢800 for the 2022/2023 cocoa crop season from Friday, October 7, 2022.
Ghana, the world’s second-largest cocoa producer after Ivory Coast, has increased the farmgate price for cocoa beans by 21% to ¢800 for the 2022/2023 cocoa crop season from Friday October 7, 2022. The price is revised from ¢10,560 per tonne to ¢12,800.00 per tonne. The producer price represents 89.99% of the net FOB value. This figure translates into ¢800 per bag of 64 kg. gross weight. Prior to the announcement, a bag of cocoa was selling in Ghana for ¢660 a bag.
Addressing the media, Minister for Agriculture, Dr. Owusu Afriyie Akoto explained that the government could not raise the price beyond 21%due to the depreciation of the Cedi against the dollar. The price revision is aimed to make cocoa farming lucrative by offering a decent income to farmers. He added that in its bid to support Cocoa farmers, the government plans to implement the Cocoa Farmer’s pension scheme by November 2022 and also continue its support through the pests and diseases control programme and rehabilitation of diseased cocoa farms.
Despite the 21% increase, the price guaranteed to farmers by the Ghanaian government is lower than the 900 CFA francs ($1.36) per kilogramme set by Ivory Coast on September 30. Experts are of the view that the difference in prices could raise a risk that cocoa could be smuggled across the border to be sold at higher prices. The Ghanaian farmers reportedly were hoping for parity in price with Ivory Coast.
Also read;
https://trendsnafrica.com/ghanas-cocoa-to-penetrate-the-emirati-market/
https://trendsnafrica.com/ghana-experiments-making-wine-from-cocoa/
