Ghana’s government confirms 50% increase for cocoa farmers, matching Ivory Coast’s move

Ghana’s government has confirmed that it has moved to follow in the footsteps of neighbouring Ivory Coast to increase cocoa price payments to farmers, which will rise 58% to GH¢ 33,120.00 ($2.47kg), in response to major global rises sector values, reports Neill Barston. The issue has gained unprecedented international focus over the past few months, as crop prices have spiralled to more than $10,000, reaching nominal market highs on the commodities New York Futures market, and a similar level in London’s ICE exchange, causing widespread concern across the industry. As Confectionery Production covered earlier this week, the President of the Ivory Coast Alassane Ouattara stepped in to enhance farmer pay – with rates paid to agricultural collectives in the country previously set last year at just $1,800 a tonne – which was a mere fifth of the sums being fetched on the commodities market. The 50% increase agreed this week, takes that to $2.47kg ($2,470 a tonne). According to regional ...