Cocoa prices have surged to record highs on international markets, reaching $3,500 per tonne. This represents a 40% increase from the beginning of the year, bringing significant benefits to Ghana, the world's second-largest cocoa producer.
Ghana Cocoa Board (COCOBOD) has announced that farmers will benefit from the price increase through revised farm gate prices. The government has also indicated it will use additional revenue for cocoa sector reinvestment.
Key impacts for Ghana:
- Export earnings expected to increase by $2 billion
- Farm gate price to rise from GHS 800 to GHS 1,200 per bag
- Government cocoa revenue to fund development projects
- Potential to increase farmer livelihoods
