Ghana on Wednesday announced a 45 percent raise in the amount it pays cocoa farmers as the 2024/25 cocoa season kicks in.
Bryan Acheampong, Minister for Food and Agriculture announced during a press briefing that a 64 kg bag of cocoa will sell at 3,000 Ghana cedis (191.9 U.S. dollars) in the new season, compared with 2,070 cedis (132. 4 dollars) per the same volume of cocoa in the previous 2023/2024 crop season.
Per the new prices, Ghanaian farmers will receive 48,000 cedis ($3,063) per ton, compared with 33,120 cedis per ton in the latter part of last season,
For 32 years, Ghana has relied on the annual loan to pay for seedlings, chemicals, and fertilizer and buy cocoa farmers’ output.
Although negotiations continue, officials have said the target has been cut to $600 million from $1.5 billion and Ghana aims to increase spot cocoa sales to benefit from high global prices.