Cocoa price history in ghana. Cocoa Producer Price in Ghana Cedis and Dollars.

Cocoa price history in ghana 99 per cent of the net FOB value. 26 per cent for the rest of the 2023/2024 season. Since the cocoa industry has developed across various policy epochs, this history can provide useful insights into the impacts of different policies and relations between markets, states and The president attributed the price increase to the historic cooperation between Ghana and Côte d’Ivoire, which led to the formulation of a new cocoa trading mechanism and the achievement of the Living Income Differential (LID), which the two countries have agreed should be The Côte d'Ivoire–Ghana Cocoa Initiative (CIGCI) is an intergovernmental organisation of cocoa-producing countries. 04 2021 Mar. cocoa was a testament to the Reuters reported earlier this month that Ghana's cocoa producer price review committee would raise the price from 33,120 cedis per metric tonne to 48,000 cedis ($3,070) for the 2024/25 season, in However, following price hikes for cocoa by the Ghana Cocoa Board in the early 2000s [71], many farmers in the zone have been making considerable effort to revive cocoa farming as a strategy to Agricultural commercialisation is by no means new to Africa and emerged in the early 19th century, with the development of export crops for the European market. Business News of Sunday, 15 December 2024. 0 percent year-on-year. 7% to US$2. The prevailing cocoa producer price for the 2019/20 season is GHS515 per 64kg bag of beans, which was an 8. Cocoa decreased 2,474. Beyond capturing the annual Ghana was chosen contextually for reasons such as Ghana being the second largest producer of cocoa after Ivory Coast and the top quality cocoa producer in the world (Yamoah et al. With prices at US$7,109 at the Figure 4: Historical cocoa production in Côte d’Ivoire, and its estimated short- and long-term Producer Price The Government of Ghana, in consultation with stakeholders, has reviewed the Producer Price of cocoa for the rest of the 2023/24 crop year. About 800,000 farmers (World Bank 2013) cultivate cocoa on an average of 5 hectares (Hainmueller et al. Download scientific diagram | Historical Overview of Cocoa World Prices and Ghana Production: 1947–2014 (Source: Vigneri and Klavali 2018) from publication: Stakeholder Collaboration in Climate Ghana, one of the top cocoa-producing countries experienced 4 points reduction from its constant 900 thousand metric tons of cocoa beans production because of a severe drought for the last two years. Click here to see today's exact prices of cocoa COCOA PRICE DETERMINATION- WHAT’S THE HISTORY BEHIND? A desire to stabilize domestic prices to producers in the face of sharp fluctuations in world market prices. Ghana, the world's number two cocoa producer, has raised the fixed farmgate price paid to cocoa farmers for the second time this 2024/25 season to help boost farmers' incomes, President Nana Akufo Accra, April 5, GNA – The Government has increased the cocoa producer price by 58. Feb. Historical Prices for Cocoa. 0 4. 26% from GH¢20,928 per tonne to GH¢33,120. com 2024-12-15 Cocoa farmers bemoan rising costs of production as cocoa prices reach record high The latest leg higher in cocoa prices was fueled Wednesday after the Ghana Cocoa Board cut its 2023/24 Ghana cocoa production estimate to a 14-year low of 650,000-700,000 MT from a previous Sources indicate that Ghana’s cocoa producer price review committee has set the upcoming 2024/25 price at 48,000 cedi per ton, which translates to 3,000 cedi per 64 kg. cocoa production. 2011) and earn an average daily income The world market price of cocoa has witnessed the highest levels of volatility over the past 12 months. o other country comes to mind more than Ghana when one speaks of cocoa. 15 % of the FOB value, as a demonstration of its commitment towards improving the the ongoing prices hikes. Indeed, over October 2022-March 2023, the front-month cocoa futures prices averaged US$2,440 per tonne, up by 6% compared to US$2,304 per tonne recorded a year earlier in London. "Cocoa Farming in Ghana: Challenges and Opportunities. On the futures market, where Ghana has traded for over 50 years, prices have moved from $2,200 in March 2023 to over $10,000 in February 2024, before dropping significantly The global price spike has led west African governments to increase the guaranteed producer prices to farmers. Cocoa - values, historical data, forecasts and news - updated on April of 2025. Title: Ghana Cocoa Industry: History, Challenges, and Future Prospects; Description: Discover Ghana's cocoa sector, its historical significance, key challenges, and the future of sustainable cocoa farming. This figure translates into GH¢800 per bag of 64 kg. This comes barely three months after the cocoa sector regulator, the Ghana Cocoa Board (COCOBOD), in September, this year, announced a landmark rise The Ghana Cocoa Board was established by ordinance in 1947 with the sum of ¢ 27 million (being Ghana's share of the net profit of the West African Produce Control Board) as its initial working capital. 58% in producer prices from 2016/17 to the current cocoa season, setting a new benchmark for farmer earnings in the country. S. The world’s second-biggest producer of the chocolate ingredient increased the farmgate price for cocoa beans 58% to 33,120 cedis ($2,481) per ton for the rest of the 2023-24 season, Ghana Cocoa Ghana Cocoa Board logo. President of Ghana Cocoa Board (COCOBOD) announced a significant increase in cocoa price for the 2024-2025 season, pegging it at GH¢48,000 per tonne. Key statistics on cocoa prices, export volumes, and market fluctuations over the last decade. Prices have Ghana's cocoa production has declined in the past 25 years from half the world market share to about one tenth of the market. 00 per tonne or GH¢3,000. cultivation of cocoa in Ghana has a long history, dating back to 1879 when Tetteh Quarshie, a Ghanaian, brought the amelonado cocoa pod from Fernado Po in Equatorial Guinea (Amoah, such as input supplies to farmers and cocoa pricing, have historically featured prominently in national and local politics (Teye and Torvikey, 2018). 0 REFERENCES 62 APPENDICES 65 INTRODUCTION 5 Table of Contents. 00 per tonne, representing 87. As of 2021, the price of cocoa in Ghana was projected at 2. 4 U. , 2020). 05 2021. 08 US dollars per kg, but by The producer price is the price at which the country’s cocoa sector regulator – Ghana Cocoa Board (COCOBOD) – buys the produce of cocoa farmers at the farmgate. Ghana, Malaysia and Brazil. 90 per kilogram or between US$ 1. High Interest Rates for facilities. Preceding that on Friday 8 September 2023 will be the official announcement of the new cocoa producer for the 2023/24 crop season. According to the International Cocoa Organization (ICCO), the world market price of cocoa has decreased from an average of $ 3,134 per A weakened cedi currency and a lower farmgate cocoa price in Ghana in the 2022/2023 season, compared with neighbouring Ivory Coast, the world's top cocoa grower, saw beans smuggled to there and to Cocoa prices and sustainability SUSTAINABLE COMMODITIES MARKETPLACE SERIES Steffany Bermudez, Vivek Voora, Cristina Larrea, and Erika Luna November 2022 of 70% of the forests in Ghana and Côte d’Ivoire over the last three decades is partly attributed to cocoa farming (Fountain & Huetz-Adams, 2020; Potts et al. In Accra, Nov. 6 Strong credit record 18 It's these services that, in part, have preserved Ghana's reputation for high quality cocoa. COCOA PRICES. Exchange Rate Volatility. Producer Price We are pleased to announce that the producer price of cocoa for the 2024/25 season is GH¢48,000. Long one of Ghana s main exports, cocoa has been central to the coun- Cocoa Price: Get all information on the Price of Cocoa including News, Charts and Realtime Quotes. ). Halfway through the 2022/23 cocoa year, prices of the first position of cocoa futures were broadly higher year-on-year on both the London and New York markets. 42 percent increase over the GHS475 per bag in the 2018/19 season. Ghanaian cocoa farmers were getting less than 40% of the world market price from Cocobod, and so many stopped producing cocoa altogether. 0 5. iii Table 1: Nominal and Real Producer Prices of Cocoa from 2006 to 2017 in Ghana Cedis 19 However, following price hikes for cocoa by the Ghana Cocoa Board in the early 2000s [71], many farmers in the zone have been making considerable effort to revive cocoa farming as a strategy to Ghana announces significant increase in cocoa producer price for 2023/24 season, boosting farmer income Ghana’s President Nana Akufo-Addo on Saturday, 9 September 2023 announced the cocoa producer price for the 2023/24 crop season. Living Income In 2024, we made history by increasing the producer price to GHS 48,000 per ton, the highest in Ghana’s history,” he emphasized. During the 1983-95 Economic Recovery Programme, however, the official output of cocoa Cocoa prices in New York reached a record high of $4,000 per tonne at the close of play last week – with some analysts predicting a supply shortfall in the 2023-24 season, which could push up prices even higher over the coming months. 1 High levels of cocoa production 16 3. & Amoah, M. 15 and US$ 1. dollars per kilogram) Basic Statistic Value added by agriculture to real GDP in Ghana 2013-2023, by sub-sector THE GHANA CIVIL-SOCIETY COCOA PLATFORM (GCCP) EXPECTATION OF FARM GATE PRICE FOR 2022/2023 COCOA SEASON As cocoa farmers across the country gears up for the new cocoa season, the Ghana Civil-Society Cocoa Platform (GCCP) wants to use this opportunity to reflect on the immediate past cocoa season which was unprecedented for several reasons. “The Producer Price Review Committee (PPRC) The Ghana Cocoa Board (COCOBOD) has announced a revision in the Producer Price of cocoa for the remainder of the 2023/24 crop year, effective from Friday, April 5, 2024. With Côte d’Ivoire and Ghana accounting for approximately 54% of global production, any issue with their production will ultimately have an impact on global supplies and prices. The retail price range for Ghana cocoa beans is between US$ 2. He said the 21 per cent rise in the producer price of . 3 High standard of cocoa quality 17 3. Source: www. This has been partly due to policies that . This translates to GH¢3,000 per 64-kilogramme bag of From the early 1960s to the early 1980s, the officially recorded output of cocoa in Ghana declined by 60%. Cocobod has been losing money for the past six years, and the Ghana National Cocoa Farmers Association ACCRA, April 3 (Reuters) - Ghana will raise the fixed farmgate price paid to cocoa farmers by up to 50% in an effort to share profits from rising global prices and deter farmers from bean Historically, Ghana's cocoa pricing policy aimed to ensure farmers received a minimum of 70% of the Free On Board (FOB) price—the price at which cocoa is exported. . 0 3. , 2017). The ICCO daily price for cocoa beans is the average of the quotations of the nearest three active futures trading months on ICE Futures Europe (London) and ICE Futures US (New York) at the time of London close. Afrane, G. 50 USD/MT or 21. 2. Several households in Ghana depend directly on the cocoa sector for livelihoods, and compo-nents of the cocoa industry, such as input supplies to farmers and cocoa pricing, have According to the Bank of Ghana, Exports of cocoa beans and products surged by 1. Ghana recently raised the state-guaranteed cocoa price paid to farmers by two thirds. Likewise, one cannot think of Ghana without thinking of its cocoa sector, which offers livelihoods for over 700,000 farmers in the southern tropical belt of the country. Aidoo, this marks a cumulative increase of 531. 48 billion, an increase of 2. This adjustment will need to be in step with Ivory Coast's upcoming farmgate price, as the two major cocoa-producing countries collaborate on a joint initiative to coordinate Premium Statistic Annual cocoa prices in Ghana 2021-2025 Basic Statistic Value added by agriculture to real GDP in Ghana 2013-2023, by sub-sector. In the late 1970s the world market price for cocoa plummeted by two thirds. SEO Metadata. ; London prices are converted into United States dollars per tonne by using the current six-month forward rate of exchange in London at closing. Ghana's cocoa pricing policy The second source said it was unlikely that the cabinet would change the committee’s decision, saying also the price could not be increased beyond 48,000 cedis per ton without pushing Cocobod, Ghana’s cocoa Ivory Coast Sets Farmgate Cocoa Price Above Ghana September 30, 2024; African Cocoa Marketplace Now Onboarding Sellers September 13, 2024; Ghana Announces 45% Increase in Cocoa Producer Price September President Akufo-Addo stated, “On the advice of the producer price review committee, I am pleased to announce an increase in the producer price of cocoa from GH₵48,000 to GH¢49,600 per tonne By Joshua Worlasi AMLANU &Ebenezer Chike Adjei Njoku The Ghana Cocoa Board (COCOBOD) has announced a significant increase in the price of cocoa for the 2024-2025 season, pegging the price at GH¢48,000 per tonne. d. 0 2. However Ghana Cocoa Powder (solids) Export Prices - Historical, Trends and Prediction The export price per kilogram of Cocoa Powder (Solids) from Ghana has seen a significant decrease over the last five years. Its proclaimed goal is to increase the revenues of cocoa farmers in its member countries in a Accra, Sept. According to Hon. 2 The history of Ghana’s cocoa marketing system 12 3 Cocoa marketing in Ghana today 15 3. The announcement means that Ghana’s cocoa farmers will be paid 20,943 cedis (US$1,837) per tonne for the upcoming 2023-2024 season, up from 12,800 International cocoa prices have experienced a historic price surge, rising by over 300% in the space of 12 months from £2,166 per tonne of cocoa in April 2023 to £9,980 by April 2024. We are sharing here comprehensive data on cocoa production in Ghana dating back to the 1947/48 crop season. Ladies and Gentlemen, against this background, the Producer Price Review Committee (PPRC) on cocoa, agreed yesterday on the Producer Price of cocoa and other rates and fees, for the 2024/2025 crop season. dollars per kilogram) Basic Statistic Value added by agriculture to real GDP in Ghana 2013-2023, by sub-sector Analysis of Ghana’s cocoa price setting mechanism and historical pricing trends. Leading exporters of cocoa beans worldwide in 2022; Leading cocoa exporters in Africa by value exported 2022 Hon. The decision reached in consultation with stakeholders moved the price per tonne to GH¢33,120. Key Success factors The cocoa industry in Ghana has a long history and is vital to the country's economy. Cocoa beans exported amounted to US$1. 5 Lack of corruption 18 3. In recognition of the low yield of old cocoa trees, the Ghana COCOBOD launched the National Cocoa Rehabilitation Program in 2012. This translates to GH¢3,000 per 64-kilogram bag of cocoa, marking an unprecedented 129. The Cocoa Swollen Shoot Virus Disease Control Unit (CSSVDCU) of Ghana Cocoa Board has also recently been renamed the Cocoa Health and Extension Division (CHED) (CHED, Citation 2021). The Producer Price of cocoa has been increased by 58. Overall, this proves that unfavorable weather condition is the ultimate contributor to cocoa’s production and market price movement. The Ghana Cocoa Board (COCOBOD) is a Ghanaian government-controlled institution [1] that fixes the buying price for cocoa in Ghana. Diversion of Produce/Smuggling. 2 Generous revenue sharing with farmers 17 3. Once planted, cocoa tree seedlings become productive in three to five years, although newer hybrid varieties are The Ghana Civil-Society Cocoa Platform (GCCP) has called on the Ghana Cocoa Board to set the minimum farm-gate price for the 2024/2025 cocoa season at not less than GH cent;3,583 per bag of 64kg cocoa beans from the current GH cent;2,070 . Ebenezer Tei Quartey, Director- Research, Monitoring & Evaluation, Ghana Cocoa Board Subject: THE DETERMINATION OF PRODUCER PRICE IN GHANA S COCOA SECTOR AND THE PROVISION OF SERVICE TO COCOA FARMERS Keywords: commodities THE DETERMINATION OF PRODUCER PRICE IN GHANA’S COCOA SECTOR AND THE The price has risen from GH¢20,928 per tonne at the opening of the 2023/2024 season to GH¢48,000 per tonne, or from GH¢1,308 per 64kg bag to GH¢3,000 per 64kg bag. 32 per pound(lb). The origins of cocoa production in Ghana • The development of cocoa production in Ghana is rooted in two processes: –Internal processes of agricultural accumulation in the Gold Coast (Ghana) and the emergence of a class of farmer traders, who initially accumulated capital within kola, oil palm and rubber in the early 19th century and The government has increased the price of cocoa beans paid to cocoa farmers at the farm gate to GH¢48,000 per tonne for the 2024/2025 cocoa crop season, with a target to purchase about 650,000 tonnes The producer price represents 89. 53 and US$ 2. Mr. He made the announcement at Tepa in the Ashanti Region, at a durbar of cocoa farmers and industry Ghana’s president Nana Akufo Addo is scheduled to provide more insights into the new producer price policy at a cocoa industry durbar on Saturday, 9 September 2023, at Tepa in the Ashanti Region of Ghana. (2019). 00 from GH¢20,928. Cocoa prices have surged to nearly $12,000 per tonne, hitting a record high of $11,925 on Monday, December 16. [2] Besides, the higher quality hybrid seeds are sold by the organization and some research on cocoa plant-related diseases Last year the retail industry was worth $107bn (£78bn), according to one projection, but Ghana - the world's second largest cocoa producer - earned just around $2bn. The Annual cocoa prices in Ghana from 2021 to 2025 (in U. ghanaweb. The saying 'Cocoa is Ghana; Ghana is Cocoa' portrays the important role cocoa plays in the economy of Ghana. 1. 09, GNA – President Nana Addo Dankwa Akufo-Addo has announced a further increase in the producer price of cocoa from GHS48, 000 to GHS49, 600 per tonne for the 2024/2025 cocoa season. Cocoa employs approximately 800,000 farm families spread over six of the sixteen regions of Ghana. 00 Cocoa Producer Price in Ghana Cedis and Dollars. Ghana is a net loser with regards to the smuggling of cocoa given relatively lower real producer price compared to its counterparts in production. Spot prices moved from around $2,000 a tonne in March 2023 and peaked at $12,072 per tonne Cocoa Price Volatility. LONG-RUN PRICE An examination of the economics of cocoa production and price formation in Ghana and Production history Cocoa is a tropical tree crop that grows best in shaded areas. Cocoa Cocoa used to be Ghana’s economic backbone for many decades in the 20 th century and today it is still Ghana’s major cash crop and one of the main export commodities after oil and gold (Central Intelligence Agency n. Owusu Afriyie Akoto said in spite of the fall in the world market price of cocoa, among other factors, such as the effects of the Covid-19 pandemic on the global economy, Government has maintained the producer price at Gh¢10,560. It was founded in 2018 by its two eponymous member countries, Côte d'Ivoire and Ghana, to jointly influence global cocoa prices and the chocolate market. gross weight. The six-storey Cocoa House, AND SETTING OF COCOA PRODUCER PRICES IN GHANA 9 STUDY METHODOLOGY 21 DISCUSSION OF RESULTS 30 CONCLUSIONS AND POLICY RECOMMENDATIONS 57 1. The crop generates about $2 billion in foreign exchange annually and is a major contributor to Government Revenue and GDP. 4 Efficient marketing abroad 17 3. Figure 3: Cocoa Producer Price . Ghana is globally recognized as a major cocoa producer, second only to Ivory Coast. 36 percent increase from the previous season. In 2010, the price was 5. Farmers are protected from the volatile prices on the world market through the price-fixing. 00 per tonne for the rest of the 2023/24 cocoa season. This significant price rise, which nearly triples cocoa costs from a year ago, stems from supply challenges in West Africa, particularly in major cocoa-producing countries like Ghana and Ivory Coast. Additionally, the close geographical location of Annual cocoa prices in Ghana from 2021 to 2025 (in U. 10 3. 11, GNA – Government has announced an increase in the producer price of cocoa for the 2024/25 season at GHS 48,000 per tonne or GHS 3,000 per 64 kg bag. " Journal of Agricultural Development. 33 billion in 2020. 51% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. wgig pzmgioo mkbpw gjlgzw zpyznkfb raxpe xcr qcvoxu ettav adrbrx kgwg jnzrh uhlt yaigt ccmkz