Ghana has increased the farmgate price paid to cocoa farmers by 58.26% to GH¢33,120 per tone for the 2023/2024 crop season.
The new price takes effect from April 5, 2024.
The move, according to sources, is to share profits from rising global prices and deter farmers from bean smuggling.
Cocoa prices have more than tripled over the last year as disease and adverse weather in Ghana and neihbouring Côte d'Ivoire pushed the global market to a third successive deficit.
Ghana's state-guaranteed cocoa price is presently GH¢20,943 cedi ($1,574.66) per tone or about GH¢21 per kilogramme.
Côte d'Ivoire on Tuesday, April2, 2024, raised its farmgate price to 1,500 CFA francs ($2.47, or about GH¢33) per kilogramme for the April-to-September mid crop of the 2023/24 season, up from 1,000 CFA francs last season.
Latest Stories
-
Trump trial: Cohen says he stole thousands from company
2 hours -
First black astronaut candidate, now 90, finally fulfils dream of reaching space
2 hours -
D-Black finally addresses rumours about relationship with Fella Makafui
2 hours -
Scarlett Johansson ‘shocked’ by AI chatbot imitation
2 hours -
We need to examine tax exemptions holistically – Deputy Minority Chief Whip
2 hours -
My sound is highly vibrational, eccentric, unique and beautiful – Ayra Starr
2 hours -
Diddy and Cassie reportedly can’t say each other’s names publicly, according to settlement
2 hours -
Akufo-Addo quizzed Minority on objection to $335m tax waiver – Ibrahim Ahmed
3 hours -
South Africans’ desperate search for jobs overshadows election
3 hours -
PM apologises after infected blood scandal cover-up
3 hours -
Women and girls across Africa, Asia and Middle East to benefit from new UK Higher Education Programme
4 hours -
Ghana and Burkina Faso sign MoU for land boundary reaffirmation
4 hours -
Assange wins right to challenge US extradition
4 hours -
3i Summit records big deals: $100m for SMEs in Ghana – BoG reports on eCedi success
4 hours -
Kosmos Innovation Center and Mastercard Foundation announce winners of AgriTech Challenge Pro
4 hours