Ghanas cocoa producer price increases by 21%

The new price means that cocoa farmers in Ghana will now receive about USD 1,213.73/t, up from circa USD 1,001.33. The announcement was made at a press conference in Accra, where Dr Owusu Afriyie Akoto, the Minister of Food and Agriculture, said the price increase was evidence of the government’s commitment to “ensure farmers earn a decent income and make cocoa farming lucrative.” However, the government can afford to be generous since they are receiving more cedis (Ghanaian currency) for each dollar than in recent history.

The neighbouring country of Invory Coast also increased the price of cocoa on 30 September 2022 by 9% to about USD 1.33/kg. This is more than the price of Ghanaian cocoa after the increase.