Ghana Raises Cocoa Price to Highest in 50 Years, Aiming to Boost Farmer Incomes and Curb Smuggling
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Ghana raised its guaranteed cocoa price for farmers by over 63% for 2023/24 season to highest in West Africa in 50 years.
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Price set at 20,943 cedis ($1,837) per tonne, up from 12,800 cedis last season.
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Higher price aimed at boosting farmer income and preventing smuggling to neighbors.
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Ghana targeting output of 820,000 metric tons for 2023/24 after smuggling and galamsey hit last season.
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Higher price closes gap with Ivory Coast to make smuggling less profitable.