Cocoa prices

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…

According to the Bank of Ghana’s Commodity Price Outlook, cocoa prices are anticipated to fluctuate within the range of $4,882 to $4,922 per tonne in March 2024. The forecast attributes this stability to tight supplies and adverse weather conditions in Cote d’Ivoire, posing a threat to the mid-crop year from April to September 2023. Cocoa prices experienced a 4.9% increase in December 2023, reaching $4,235.6 per tonne. This surge was driven by tightening supplies and the anticipation of a third consecutive deficit in the current crop season. The year-over-year comparison reveals a remarkable 66.0% spike in cocoa prices, primarily attributed…

Governor of the Bank of Ghana Dr Ernest Addison has stated that prices of Ghana’s major export commodities (cocoa, gold and crude oil) traded mixed on the international market in the first half year. He said cocoa prices surged to record highs last seen over a decade ago, triggered by tight supplies from West Africa coupled with expectations of a global deficit in the 2022/2023 crop season. On a year-to-date basis, cocoa beans gained 25.5 percent to settle at US$3,185.29 per tonne in June 2023, he said. Dr Addison further said that from the beginning of the year to June…