02
Oct
Ghana is at a heightened risk of cocoa smuggling following the Ivory Coast’s recent decision to raise its farmgate price for cocoa, surpassing Ghana’s rate. This move by the world’s largest cocoa producer aims to discourage the illicit export of beans, yet it poses significant challenges for Ghana’s cocoa industry. Ivory Coast’s Minister of Agriculture, Kobenan Kouassi Adjoumani, announced in Abidjan that the farmgate price will increase by 20% from 1,500 CFA francs (approximately GH₵ 40) to 1,800 CFA francs (about GH₵ 48) per kilogram, effective October 1, 2024. This new rate translates to roughly GHS 3,072 per 64 kg bag of cocoa, slightly higher…