https://en.sputniknews.africa/20240903/ghana-reportedly-set-to-raise-price-paid-to-cocoa-farmers-for-upcoming-season-1068130965.html
Ghana Reportedly Set to Raise Price Paid to Cocoa Farmers for Upcoming Season
Ghana Reportedly Set to Raise Price Paid to Cocoa Farmers for Upcoming Season
Sputnik Africa
The West African cocoa industry, a vital pillar of the region's economy, is facing a critical juncture. A combination of environmental challenges, economic... 03.09.2024, Sputnik Africa
2024-09-03T17:06+0200
2024-09-03T17:06+0200
2024-09-03T17:39+0200
sub-saharan africa
economy
ghana
west africa
us dollar
cocoa
prices
crisis
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The Ghana Civil Society platform reportedly urged the cocoa regulator to further increase the minimum farmgate price for the upcoming 2024/2025 season to 3,662 US dollars per ton, which makes a nearly 45% increase in the state-guaranteed price.This would mark the second consecutive price increase in case of confirmation. Earlier this year, Ghana, following Côte d'Ivoire's lead, significantly increased its cocoa farmgate price by 58%, reaching about 2,499 US dollars per ton. This move aims to improve farmers' income and curb bean smuggling.Each September, the government sets new prices for cocoa, both per bag and per ton, for the upcoming season, which runs from September to August. This year, cocoa prices surged due to strong demand as well as challenges in West Africa, including plant diseases and erratic weather patterns.
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economy, ghana, west africa, us dollar, cocoa, prices, crisis
economy, ghana, west africa, us dollar, cocoa, prices, crisis
Ghana Reportedly Set to Raise Price Paid to Cocoa Farmers for Upcoming Season
17:06 03.09.2024 (Updated: 17:39 03.09.2024) Ekaterina Shilova
Writer / Editor
The West African cocoa industry, a vital pillar of the region's economy, is facing a critical juncture. A combination of environmental challenges, economic volatility, and human impacts has created a perfect storm, threatening the sustainability and profitability of this crucial sector.
