Global cocoa prices hit record highs, but Ghanaian farmers grapple with rising costs

Global cocoa prices reached historic highs in 2024, nearing $10,000 per ton, driven by supply shortages and adverse weather conditions affecting major producers like Ghana and Ivory Coast.

The 2023/2024 season is expected to end with a 475,000-ton deficit due to climate change, El Niño disruptions, and diseases like "black pod," which slashed yields by 40–50%.

Despite COCOBOD raising the guaranteed cocoa price to GHS 3,100 per 64kg bag, farmers struggle with rising production costs and limited financing, which reduce profits.

The Ghana Cooperative Cocoa Farmers Association has called for pricing reforms, advocating a direct market system to ensure farmers receive at least 70% of international prices, enabling sustainable incomes.

As the 2024/2025 season projects further price hikes, systemic inefficiencies risk limiting farmers' gains. Sustainable policies and fairer profit distribution are vital for sector stability.