{"id":21190,"date":"2024-09-04T13:51:43","date_gmt":"2024-09-04T13:51:43","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=21190"},"modified":"2024-09-04T13:54:21","modified_gmt":"2024-09-04T13:54:21","slug":"a-cocoa-price-raise-of-45-looms-for-ghanas-farmers","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/09\/04\/a-cocoa-price-raise-of-45-looms-for-ghanas-farmers\/","title":{"rendered":"A cocoa price raise of 45% looms for Ghana\u2019s farmers"},"content":{"rendered":"\n<p>Ghana\u2019s farmers could soon enjoy a handsome cocoa price raise, Reuters reported September 2, 2024.<\/p>\n\n\n\n<p>Unconfirmed reports indicate that the country might increase the 2024-25 farm-gate rate by&nbsp;<a href=\"https:\/\/www.reuters.com\/markets\/commodities\/ghana-set-raise-cocoa-farmgate-price-by-nearly-45-sources-say-2024-09-02\/\"><u>almost 45%<\/u><\/a>, to boost growers\u2019 revenue and deter smugglers.<\/p>\n\n\n\n<p>Farmers could earn 48,000 cedi ($3,062) a tonne or 3,000 cedi ($191.40) per 64 kg bag, beginning September 2024. &nbsp;<\/p>\n\n\n\n<p>The amount is almost equal to the&nbsp;<a href=\"https:\/\/www.africanews.com\/2024\/09\/02\/ghana-to-raise-cocoa-farmgate-price\/\"><u>$3,662<\/u><\/a>&nbsp;a tonne that the Ghana Civil Society requested to reboot stagnant farmers\u2019 income.&nbsp;<\/p>\n\n\n\n<p>The rumored increase however comes short of a demand by cocoa growers in July 2024 of&nbsp;6,000 cedi ($383) a bag. The per-tonne price is also below the real-time international spot price in futures markets of&nbsp;<a href=\"#:~:text=Cocoa%20Price:%20Get%20all%20information%20on\"><u>$6,688.7&nbsp;<\/u><\/a>on September 4, 2024.&nbsp;<\/p>\n\n\n\n<p>If the increment materializes however, via the Cocoa Board (COCOBOD), it will be the biggest one since an earlier\u00a0<a href=\"#google_vignette\"><u>63% raise<\/u><\/a>. \u00a0<\/p>\n\n\n\n<p>The last hike was in April 2024 by 58% to 33,120 cedi ($2,113) a tonne for the March-September 2024 mid-crop.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-spot-selling-intent\"><strong>Spot Selling Intent<\/strong><\/h3>\n\n\n\n<p>This news comes just a few days after the Minister of Agriculture suggested that Ghana may resort to\u00a0<a href=\"https:\/\/www.selinawamucii.com\/news\/2024\/09\/02\/the-cocoa-sector-in-ghana-witnesses-three-staggering-developments\/\"><u>spot-selling<\/u><\/a> cocoa. The intention is to bring local export prices at par with international ones.\u00a0<\/p>\n\n\n\n<p>The country is trying to wriggle off binding contracts that peg prices at the season\u2019s start and deny farmers profits.<\/p>\n\n\n\n<p>It is a custom for the world\u2019s second biggest cocoa-producing nation to affix new prices each September. Notably, in the volatile 2023-24 season when shortage caused worldwide price highs, Ghana revised its producer rates twice.&nbsp;<\/p>\n\n\n\n<p>The shortage of coffee within Ghana saw the government fail to honor some contract terms. Consequently, the country\u2019s cocoa revenue declined by 32.8% to\u00a0<a href=\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/20\/ghanas-cocoa-volumes-to-recover-despite-new-10k-tonne-price-crossover\/\"><u>$592.2 million<\/u><\/a>\u00a0in quarter 1, 2023 below that of quarter 1, 2023.\u00a0\u00a0This amount was half that of the three year-average since 2021 of $825.8 million. \u00a0<\/p>\n\n\n\n<p>Ultimately, by rewarding farmers for their efforts the West African country will be keeping its seasonal promises. For historical bits that may influence any future farm-gate cocoa price raise in Ghana, read on the following statistics.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-farm-gate-price-statistics-of-ghana-cocoa\"><strong>Farm-Gate Price Statistics of Ghana Cocoa&nbsp;<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>Ghana\u2019s cocoa bean prices at the farm-gate have been increasing steadily since 2018, per official data from COCOBOD.<\/p>\n\n\n\n<p><em>2018-2019:<\/em>&nbsp;In September 2018, Ghana set its producer price at&nbsp;<a href=\"https:\/\/cocobod.gh\/resource_files\/50th-annual-report-and-financial-statements-2018-2019.pdf\"><u>8,240 cedi<\/u><\/a>&nbsp;($525.71 per the September 2024 exchange rate) a tonne.<\/p>\n\n\n\n<p><em>2020-21<\/em>: the producer price in September 2020 was 10,560 cedi a tonne. This translates to $673.73 using the September 2024 exchange rate.&nbsp;<\/p>\n\n\n\n<p><em>2021-22<\/em>: the price remained at&nbsp;<a href=\"#:~:text=Cocobod%20-%20%5BNews%20Article%20Title%5D%20GOVERNMENT%20MAINTAINS%20COCOA,64kg%20of%20cocoa%20for%20the%202021%2F2022%20crop%20season.\"><u>10,560 cedi (<\/u>&nbsp;$673.73 at the September 2024 exchange rate)<u>&nbsp;<\/u><\/a>a tonne. This rate mirrored that of the foregoing season, despite falling cocoa prices due to supply increase in the 2021-22 season.<\/p>\n\n\n\n<p><em>2023-24<\/em>: in September 2023, COCOBOD increased the farm-gate price to&nbsp;<a href=\"https:\/\/cocobod.gh\/news\/review-of-the-producer-price-of-cocoa-for-the-202324-cocoa-season\"><u>20,928 cedi<\/u><\/a>&nbsp;($1335 per the September 2024 exchange rate) a tonne. Then in April 2024, it revised it again to 33, 120 cedi ($2,110 at the September 2024 exchange rate) a tonne.&nbsp;<\/p>\n\n\n\n<p><em>2024-25<\/em>: unofficial data by Reuters on September 2, 2024 shows that the 2024-25 farm-gate price could reach&nbsp;<a href=\"https:\/\/www.reuters.com\/markets\/commodities\/ghana-set-raise-cocoa-farmgate-price-by-nearly-45-sources-say-2024-09-02\/\"><u>48,000 ced<\/u><\/a>i ($3,062) a tonne.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ghana\u2019s farmers could soon enjoy a handsome cocoa price raise, Reuters reported September 2, 2024. Unconfirmed reports indicate that the country might increase the 2024-25 farm-gate rate by&nbsp;almost 45%, to boost growers\u2019 revenue and deter smugglers. Farmers could earn 48,000 cedi ($3,062) a tonne or 3,000 cedi ($191.40) per 64 kg bag, beginning September 2024&#8230;.<\/p>\n","protected":false},"author":3,"featured_media":19876,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.3 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A cocoa price raise of 45% looms for Ghana\u2019s farmers - Selina Wamucii | Food &amp; Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/09\/04\/a-cocoa-price-raise-of-45-looms-for-ghanas-farmers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A cocoa price raise of 45% looms for Ghana\u2019s farmers - Selina Wamucii | Food &amp; Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Ghana\u2019s farmers could soon enjoy a handsome cocoa price raise, Reuters reported September 2, 2024. 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