Ghana, Ivory Coast hike cocoa farmgate price

According to a Reuters report, Ghana increases the farmgate price of cocoa by up to 50 per cent in order to share profits from rising global prices and deter farmers from bean smuggling. Ghana is the world’s second largest cocoa producing country.

It’s neighbour Ivory Coast, which is the world’s largest cocoa producer, also raised its farmgate price to 1,500 CFA francs per kg, up from 1,000 CFA francs last season.

Per AfricaNews, major confectionery companies like Hershey, Nestle, Mondelez, and Barry Callebaut, buy cocoa from Ivory Coast.