Ghana raised the state guaranteed cocoa price paid to its farmers by more than 63% on Saturday in a bid to boost their income and prevent beans being smuggled to neighbouring countries where they fetch more money as supplies tighten.
President Nana Akufo-Addo said farmers would receive 20,943 Ghana cedi per tonne for the new 2023/2024 season, which starts in September, compared with 12,800 Ghana cedi they got in the previous year.
The price rise comes as cocoa futures have hit new 46-year highs in recent weeks due to concerns over tight supplies from the region where around 70% of the main ingredient in chocolate is sourced. A weakened cedi currency and a lower farmgate cocoa price in Ghana in the 2022/2023 season, compared with neighbouring Ivory Coast, the world's top cocoa grower, saw beans smuggled to Ivory Coast and Togo.
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