Ghana Bumps Up Cocoa Price in Response to Top Grower Ivory Coast
Cocoa beans move to a heating tank for roasting at a plant in the Ivory Coast.
Photographer: Andrew Caballero-Reynolds/BloombergGhana raised the amount it pays farmers for their cocoa beans for the second time this season after top producer Ivory Coast increased its farmgate prices, a move that will boost bean arrivals to warehouses and ease global supply tightness.
The farmgate price was raised to 3,625 cedis ($288.84) per 64-kilogram bag from 3,228.75 cedis, Finance Minister Cassiel Ato Forson said in the capital, Accra on Thursday. The announcement follows Ivory Coast bumping its own state-set price by 27% to 2,800 CFA francs ($5) per kilogram a day earlier.