Ghanaian Government Set Cocoa Bean Producer Price for 2022/2023 Season

The Ghanaian government, on the 5th of October, 2022 set the producer price or farm gate price for cocoa beans for the 2022/23 harvest season at around USD 80/64kg bag. This represents a 21% upward adjustment from the previous producer price of USD 66/64kg. The upwards adjustment translates to a farm gate price for cocoa beans of around USD 1,250/MT.

Some cocoa farmers have however expressed their discontentment at the new farm gate price as their counterparts in neighbouring Ivory Coast will be securing a higher price of around USD 85/64kg. The Ghanaian government has listed some challenges such as high depreciation of the local currency against the USD for not matching the Ivory Coast farm gate price. Since the beginning of the year the Ghanaian cedi has plummeted by almost 60% against the USD.