{"id":21269,"date":"2024-10-07T06:33:24","date_gmt":"2024-10-07T06:33:24","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=21269"},"modified":"2024-10-07T06:35:17","modified_gmt":"2024-10-07T06:35:17","slug":"cocoa-farmers-in-ghana-finally-attain-48000-cedi-a-tonne","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/10\/07\/cocoa-farmers-in-ghana-finally-attain-48000-cedi-a-tonne\/","title":{"rendered":"Cocoa farmers in Ghana finally attain 48,000 cedi a tonne"},"content":{"rendered":"\n

Originally published September 14, 2024<\/em>. After much wait, cocoa farmers in Ghana have officially earned a 2024-25 seasonal price increase to 48,000 cedi <\/u><\/a>($3,062) a tonne.<\/p>\n\n\n\n

This 45% season-to-season increment follows an\u00a0earlier announcement<\/u><\/a>\u00a0of an intention to improve the farm-gate rate.\u00a0<\/p>\n\n\n\n

Arguably, the farmers will now earn 3,000 cedi ($191.40) for a 64-kg bag when dealing directly with traders. <\/p>\n\n\n\n

The new rate has coincided with the official beginning of the 2024-25 season on September 11. <\/p>\n\n\n\n

Spot and Futures Volatility Influence Decision<\/strong><\/strong><\/h3>\n\n\n\n

Other than the growers\u2019 outcry, what prompted this raise is the 2023-24 non-stop volatility in international cocoa pricing.<\/p>\n\n\n\n

One of these is the spot price scenario which Ghana\u2019s government intends to utilize <\/u><\/a>this season as opposed to contracts.<\/p>\n\n\n\n

Notably, spot prices have more than tripled between March 2023 and September 2024. While in March 2023 the international spot offers had stood at $2,000 a tonne, by September 2024 they were at $7,960. In-between, they had peaked in February 2024 at $12,000 a tonne.<\/p>\n\n\n\n

The second of these volatility reasons are the futures prices in London and New York, which have also tripled 2023 through 2024. \u00a0They upped from a March 2023 base of $2,200 a tonne to a September 13, 2024\u2019s\u00a0$7,073<\/u>.<\/a>\u00a0<\/p>\n\n\n\n

Ghana is particularly vulnerable to pricing changes in the futures markets because it has traded on the platform since the 1970s. <\/p>\n\n\n\n

Indeed, on September 12, 2024 following Ghana\u2019s 45% increment, the New York futures market recorded a 1 1\/2 -week price high<\/u><\/a>. <\/p>\n\n\n\n

Still, market analysts expect Ghana\u2019s cocoa farmers to hoard their produce after the government sidelined their demand for a 65% price increase. <\/p>\n\n\n\n

Cocoa Farmers and Sustainable Production<\/strong><\/strong><\/h3>\n\n\n\n

Trade matters aside, the government has said it intends to realize annual production of over 650,000 tonnes by September 2025. <\/p>\n\n\n\n

A ministerial statement added that cocoa farmers will continually find the industry sustainable for the upcoming generations. <\/p>\n\n\n\n

Like Ghana\u2019s, global production expectations are also high. A forecast by JSG Commodities puts the 2024-25 production at a 99,000-tonne surplus<\/u><\/a> despite an astronomical 2023-24 deficit.<\/p>\n\n\n\n

In short, though not mirroring the cocoa farmers\u2019 demand 6,000 cedi per 64-kg bag, Ghana\u2019s price raise marks a new beginning.  For more on the country\u2019s 64-kg bag pricing history, check on the statistics below. <\/p>\n\n\n\n

Ghana 64-kg Bag Cocoa Prices Statistics <\/strong><\/strong><\/h2>\n\n\n\n

Distinct from the per-tonne pricing, the 64-kg bag pricing allows farmers to sell small cocoa bean quantities to traders. Below is how the price has stood since 2021:<\/p>\n\n\n\n

2021<\/em>: the Cocoa Board (COCOBOD) increased the price to\u00a0660 cedi\u00a0<\/u><\/a>($41.91), even as the per-tonne rate remained 10,560 cedi ($670.56).<\/p>\n\n\n\n

2022<\/em>: in October 2022, the 64-kg bag rate rose to\u00a0800 cedi<\/u><\/a>\u00a0($50.80), whereas the per-tonne price gained by 21%.<\/p>\n\n\n\n

2023<\/em>: the price of a 64-kg bag spiked by 63.5% from 800 cedis ($50.80) to\u00a01,308 cedi<\/u>\u00a0<\/a>($83.19). COCOBOD would again increase the rate halfway through the season in April 2024, to\u00a02,070 cedi<\/u><\/a>\u00a0($131.44).<\/p>\n\n\n\n

2024<\/em>: the 2024-25 season beginner on September 11, 2024 marked yet another strong increase to 3,000 cedi<\/u><\/a> ($191.40) per 64 kg. <\/p>\n","protected":false},"excerpt":{"rendered":"

Originally published September 14, 2024. After much wait, cocoa farmers in Ghana have officially earned a 2024-25 seasonal price increase to 48,000 cedi ($3,062) a tonne. This 45% season-to-season increment follows an\u00a0earlier announcement\u00a0of an intention to improve the farm-gate rate.\u00a0 Arguably, the farmers will now earn 3,000 cedi ($191.40) for a 64-kg bag when dealing directly with…<\/p>\n","protected":false},"author":3,"featured_media":21179,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nCocoa farmers in Ghana finally attain 48,000 cedi a tonne - Selina Wamucii | Food & 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\/10\/07\/cocoa-farmers-in-ghana-finally-attain-48000-cedi-a-tonne\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cocoa farmers in Ghana finally attain 48,000 cedi a tonne - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Originally published September 14, 2024. 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