President Akufo-Addo’s latest announcement marks an unprecedented 63.6% increase in cocoa prices. This substantial surge takes cocoa prices from GHC 12,800 per metric tonne to GHC 20,943 per metric tonne, or from GHC 800.00 to GHC 1,308.99 per bag. This move demonstrates a strong commitment to supporting Ghana’s cocoa farmers.
Delivering this news from Tepa in the Ashanti Region on September 9, 2023, President Akufo-Addo lauded this development as a historic moment. This new cocoa farmgate price is the highest paid to West African cocoa farmers in over fifty years. It comes at a time when cocoa futures have reached their highest point in 46 years, heightening concerns about dwindling supplies from the region, which provides 70% of the main ingredient for global chocolate.
Effective immediately for the 2023/2024 crop season, this substantial price increase is expected to stimulate cocoa production, boost rural development, and mitigate the issue of cocoa smuggling.
Ghana, with its more than 800,000 cocoa farmers, ranks as the world’s second-largest producer after Cote d’Ivoire. The implications of this announcement are not limited to West Africa alone; they are set to resonate throughout global cocoa markets.