Ghana raises cocoa price by 45% to boost farmers’ incomes.
Ghana has raised the farmgate price of cocoa by nearly 45% to improve farmers' incomes, starting in the 2023/2024 crop season. The new price is set at GH¢20,943 per tonne, an increase from GH¢12,800 per tonne. This decision is part of efforts by the government to ensure that cocoa farmers benefit from their hard work despite fluctuating global cocoa prices and inflationary pressures. The move also aims to motivate farmers to increase productivity while supporting rural livelihoods dependent on cocoa production.This significant price hike reflects the government's commitment to sustaining the cocoa industry, which remains a major foreign exchange earner for the country, contributing significantly to Ghana's economy.