ACCRA: Ghana has announced a price increase for cocoa farmers following a similar move by neighbouring top producer Ivory Coast.
The government is raising the rate by 12.3% from 3,228.75 to 3,625 cedis per 64-kilogramme bag.
This new price of 58,000 cedis per tonne positions Ghana’s rate at $4.5 per kilogramme just behind Ivory Coast’s record $5 per kilogramme.
Ghana had previously announced 2025-26 season prices at 51,660 cedis per tonne in August.
Finance Minister Cassiel Ato Forson stated the new hike effective Friday reflects government commitment to ensuring farmers receive fair value.
Price controls in the world’s second-largest cocoa producer aim to stabilise farmer earnings during market fluctuations.
Critics argue these controls have failed to keep pace with recent global price spikes.
Some farmers have consequently turned to gold mining, selling land to informal miners causing environmental damage.
Ensuring fair prices for farmers at the bottom of the global value chain remains a key goal for activists and West African governments.
The Ghanaian government has pledged to raise cocoa farmers’ share of export earnings to at least 70% of the Free-On-Board value.
Forson also confirmed the continuation of support programmes including free fertilisers and pesticides.
A new scholarship scheme for cocoa farmers’ children will begin in the 2026/27 academic year. – AFP