Ghana announces huge increase to cocoa farmers income
(MENAFN) Ghana has announced a significant 62.6% increase in the official price paid to cocoa farmers, raising it from $3,100 to $5,040 per ton, Finance Minister Cassiel Ato Forson said Monday in a post on X.
The immediate price hike fulfills a key campaign promise by President John Dramani Mahama and is aimed at improving the living standards of cocoa farmers across the country.
“The government is pleased to announce an increase in the producer price of cocoa from US$3,100 per ton to US$5,040 per ton,” Forson stated.
Under the new pricing policy, farmers are set to receive 70% of the Free-On-Board (FOB) price — the international benchmark value of cocoa at export. The government said the change is part of a broader initiative to ensure growers benefit more directly from favorable global market conditions.
Ghana is the world’s second-largest cocoa producer, trailing only neighboring Côte d’Ivoire. Together, the two West African countries account for about 60% of global cocoa output, making them vital to the multibillion-dollar chocolate industry.
In Côte d’Ivoire, current farm-gate prices range from $2,073 to $3,900 per ton, according to various reports.
Speaking in July, President Mahama reiterated his administration’s pledge to ensure cocoa producers earn a fair share of global prices. “The sweat of our cocoa farmers deserves dignity and a fair reward,” he said.
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