• Contact US
  • Advertise With US
  • Privacy & Policy
  • Submit Station
Thursday, October 23, 2025
Kumasi Mail
Advertisement
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

    Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

    Woman, 24, found dead In boyfriend’s room

    One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

    Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

    Woman, 24, found dead In boyfriend’s room

    One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
Kumasi Mail
No Result
View All Result
  • Home
  • News
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
Home Business

Government set to raise cocoa farmgate price by nearly 45%, sources say

Kumasi Mail by Kumasi Mail
September 3, 2024
in Business
0
Government set to raise cocoa farmgate price by nearly 45%, sources say
Share on FacebookShare on Twitter

Government will increase the state-guaranteed price paid to its cocoa farmers by nearly 45% for the 2024/25 crop season, two sources with knowledge of the price review told Reuters.

This according to the sources aims to help boost their incomes and deter bean smuggling out of the country.

The world’s number two cocoa producer raised the farmgate price by more than 58% to ¢33,120 ($2,123.08) per metric ton, or ¢2,070 per 64 kilogram (kg), in April for the rest of the 2023/24 season.

The mid-season price hike came after top cocoa producer, neighbouring Ivory Coast, raised its farmgate price to 1,500 CFA francs (US$2.55), or around ¢40 per kg for the April-to-September mid-crop of the 2023/24 season, up from 1,000 CFA francs last season.

One source said Ghana’s cocoa producer price review committee had pegged the price at 48,000 cedi per ton, translating to ¢3,000 per 64 kg of cocoa, for the 2024/25 season due to begin later in September, an increase just shy of 45%.

The source said the decision would be sent to the cabinet pending an announcement.

Both sources asked for anonymity because the decision is not yet public.

The second source said it was unlikely that the cabinet would change the committee’s decision, saying also the price could not be increased beyond ¢48,000 per ton without pushing Cocobod, Ghana’s cocoa marketing board, into a deficit.

Ghana’s price will also have to align with Ivory Coast’s 2024/25 farmgate price, which has yet to be announced, the person added.

The two biggest cocoa-growing countries set up an initiative to coordinate farmgate prices and cocoa supplies to help sustain the sector and boost their farmers’ incomes.

Cocoa prices have been buoyant this year as disease and adverse weather in Ghana and Ivory Coast, which together supply more than 60% of the world’s cocoa, pushed the market to a third successive deficit.

The International Cocoa Organization on Thursday raised its global cocoa deficit forecast for the 2023/24 season (October-September) to 462,000 tons from 439,000 tons, saying the market was headed for a 45-year low stocks-to-grindings ratio.

Cocobod previously planned to launch the 2024/25 season on Sept. 1, earlier than usual, with a reduced production target of 650,000 tons, but both sources said the opening will be later.

Opening the season earlier was aimed at helping reduce bean smuggling, which has been incentivised by low prices and delayed payments to farmers.

Some of Ghana’s cocoa farmers and licensed buyers accused both sides of hoarding beans to benefit from the proposed price hike in the new season.

Source :www.kumasimail.com

Tags: CocoaFarm gateFarmersNew crop season
ShareTweetSend
Previous Post

I’m single and searching – Auntie Bee shockingly reveals

Next Post

Prof. Opoku-Agyemang begins Western regional tour

YOU MAY LIKE

COCOBOD launches strategic board sub-committees to advance financial accountability and education in the Cocoa industry
Business

COCOBOD launches strategic board sub-committees to advance financial accountability and education in the Cocoa industry

Hermas Sibeko honoured for transformative leadership in Agribusiness
Business

Hermas Sibeko honoured for transformative leadership in Agribusiness

Ghana to create 500,000 jobs through expansion of economic crops
Business

Ghana to create 500,000 jobs through expansion of economic crops

GCAA Ag. DG brokers internship deal with Qatar Civil Aviation Authority
Business

GCAA Ag. DG brokers internship deal with Qatar Civil Aviation Authority

Sangu Delle urges intra-African trade, simpler rules and local capital to scale companies
Business

Sangu Delle urges intra-African trade, simpler rules and local capital to scale companies

Next Post
Prof. Opoku-Agyemang continues Greater Accra Campaign tour

Prof. Opoku-Agyemang begins Western regional tour

Why is everyone talking about peace and not free, fair elections -Togbe Afede

Why is everyone talking about peace and not free, fair elections -Togbe Afede

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST NEWS

Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

Woman, 24, found dead In boyfriend’s room

One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Ghana’s 9th Parliament officially inaugurated

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

Krofrom Market files sealed- KMA promises revelation “in due course”

Krofrom Market files sealed- KMA promises revelation “in due course”

Richard Ofori Agyeman Boadi, KMA BOSS

KMA orders removal of unauthorized structures and billboards ahead of road project

  • Trending
  • Comments
  • Latest
52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Asokore Mamponhene Nana Boakye Ansah passes away

Asokore Mamponhene Nana Boakye Ansah passes away

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

Hello world!

1
NCA promises lower data prices by year-end

NCA promises lower data prices by year-end

1
COVID-19: Information Ministry justifies GHC150K spent on staff

COVID-19: Information Ministry justifies GHC150K spent on staff

1
EC to conduct mop-up registration August 1-3

EC to conduct mop-up registration August 1-3

1
Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

Breaking News: Former First Lady Nana Konadu Agyeman-Rawlings passes away at Ridge Hospital

Woman, 24, found dead In boyfriend’s room

One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Facebook Twitter Youtube Instagram
Kumasi Mail

About US

Advertise With US

Submit Station

© 2024 KumasiMail.com