Cocoa: Ghana slashes farmgate rate paid to farmers

Ghana has slashed its farmgate cocoa rate paid to farmers amid a sharp drop in global cocoa prices.

The move aligns the local price with the international market in a bid to stimulate demand. Ghana, the world’s second-largest cocoa producer, has struggled to pay farmers as global cocoa demand plummeted, causing prices to halve over the past year to approximately $4,000 per metric ton.

As a result of payment delays, thousands of farmers were left without money for food and basic farm maintenance, while stocks of unsold beans piled up on farms.

Ghana’s farmgate price, set annually by market regulator Cocobod, was previously almost $5,300 per ton, but the new rate will be $3,580 per metric ton for the remainder of the 2025/2026 season.

According to an official, Ghana’s leaders have directed the market regulator to begin immediate repayment to all impacted cocoa farmers.