cocoa price

Ghana's cocoa regulator, COCOBOD, has set the farmgate price for cocoa farmers at GH¢48,000 per tonne, or GH¢3,000 for a 64-kilogramme bag for the 2024/2025 crop season. This represents a 45 percent increase in the producer price compared to April 2024 and a 129 percent increase from the September 2023 price. In a circular issued by COCOBOD, it emphasised that the new producer price takes effect on Wednesday September 11, 2024. The announcement follows COCOBOD's negotiations with the government to raise the producer price for cocoa farmers in an effort to curb smuggling and improve their livelihood as the new…

A 64 Kilogram bag of cocoa has been increased from GH¢1,308 to GH¢2,070 for the 2023/2024 crop year starting from Friday, April 5, 2024. In a statement issued and signed by the Chief Executive of the Cocoa Board (COCOBOD), Joseph Boahen Aidoo, the decision was taken in consultation with stakeholders. He also announced that the board has reviewed the buyers’ margin to GH¢2,980.00 per tonne for the rest of the 2023/24 cocoa crop season. “The Producer Price of cocoa has been increased by 58.26% from GH¢20,928 per tonne to GH¢33,120.00 per tonne for the rest of the 2023/24 cocoa season.…

Climatic conditions are contributing to a poor cocoa crop which has shot up cocoa prices to previously unseen levels. Cocoa prices have reached over $7,300 per metric tonne after having ranged from about $2,000/MT to $3,000/MT over the last 20 years. The El Nino Southern Oscillation (ENSO) is a natural climate phenomenon that can lead to warmer temperatures in tropic zones. This phenomenon has led to record temperatures that have adversely affected cocoa output in both Cote d’Ivoire and Ghana, the two leading producers of the crop. According to Euronews, cocoa shipments were down 39% in Cote d’Ivoire from October…