Ghana will increase the guaranteed cocoa price it pays to farmers during the upcoming growing season by 28% to 10,560 cedis (€1,566.4) per tonne, president Nana Akufo-Addo has said.
The increase for the 2020/21 season, which begins on 1 October, is in line with an expected rise in neighbouring Ivory Coast, the world's top cocoa producer just ahead of Ghana. The two countries account for over 60% of global cocoa bean production.
The price rises are largely due to implementation by the two governments of a price floor of $2,600 (€2,233.4) per tonne and a Living Income Differential (LID) of $400 per tonne, meant to tackle poverty among farmers.
Ghana paid farmers 8,240 cedis (€1,222.3) per tonne during the 2019/20 growing season.