Ghana Hikes Cocoa Farmers’ Pay by 45% as Bank Loan Stalls
- Increase falls short of what industry regulator had sought
- Country still negotiating to secure funding for the season
A pile of cocoa pods during a harvest at a farm in Kwabeng, Ghana.
Photographer: Paul Ninson/BloombergThis article is for subscribers only.
Ghana will raise the amount it pays cocoa farmers by 45%, falling short of the level sought by the industry regulator, as the world’s second-largest producer of the beans has yet to secure vital funding for the new season.
Growers of the chocolate-making ingredient will receive 48,000 cedis ($3,063) per ton in the 2024-25 season that the nation started on Sept. 1, a month earlier than usual. That equates to 3,000 cedis per 64-kilogram bag, versus 2,070 cedis in the latter part of last season, Bryan Acheampong, Minister of Food and Agriculture said.