Great cocoa producer increases purchase rates
(MENAFN) Ghana has increased the official price paid to cocoa farmers by 62.6%, effective immediately, Finance Minister Cassiel Ato Forson announced on Monday via X. This move fulfills a key campaign promise by President John Dramani Mahama and aims to improve the income of cocoa growers nationwide.
The new price raises the payout from $3,100 to $5,040 per ton of cocoa. The adjustment is also designed to ensure that farmers receive 70% of the Free-On-Board (FOB) price—the export benchmark value for cocoa. The government presents this change as part of efforts to make sure producers benefit more directly from global market conditions.
Ghana is the world’s second-largest cocoa producer, following its neighbor Côte d’Ivoire. Together, they account for roughly 60% of the world’s cocoa output, playing a critical role in the multi-billion-dollar chocolate industry. In Côte d’Ivoire, farmers reportedly earn between $2,073 and $3,900 per ton of cocoa beans.
President Mahama recently reaffirmed his administration’s commitment to guaranteeing cocoa farmers a fair share of export revenues, emphasizing that the government will uphold the 70% share promise. “The sweat of our cocoa farmers deserves dignity and a fair reward,” he said.
In May, the Finance Ministry revealed plans to secure 200,000 hectares of land to expand cocoa farming as part of a strategy to increase production. Forson stressed the importance of cocoa as the backbone of Ghana’s economy, affirming that this will remain unchanged.
According to the 2024 Auditor General’s report, Ghana exported 261,248 metric tons of cocoa beans this year—a nearly 50% decline compared to 2023. Despite the lower volume, export revenues rose significantly due to a surge in global prices.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
