Source: newsthemegh.com
According to Ghana’s minority caucus, the recently disclosed farm-gate price for cocoa “is the lowest” in light of the recent price spike on the global market.
With effect from April 5, 2024, the government increased the farm-gate price for the 2023–2024 crop season by 58.26% to GH¢33,120 per tonne.
The resolution attempts to stop bean smuggling and divide earnings from rising worldwide prices.
Due to illness and unfavorable weather in neighboring Côte d’Ivoire and Ghana, cocoa prices have increased by more than three times in the last year, creating a third straight global market gap.
At present, the price of cocoa guaranteed by the state in Ghana is GH¢20,943 cedi ($1,574.66) per tonne, or roughly GH¢21 per kilogramme.
Relatedly, Côte d’Ivoire has increased its farmgate price from 1,000 CFA francs to 1,500 CFA francs ($2.47, or roughly GH¢33) per kilogramme for the April through September mid-crop of the 2023–2024 season.
In response to the new cost, the minority caucus noted that the increase in the price of cocoa on the international market equates to GH¢8,125 per bag of cocoa in a statement signed by Mr. Eric Opoku, the Parliamentary Select Committee on Food, Agriculture & Cocoa Affairs’ ranking member.