Ghana's Cocoa Sector Receives Price Boost Amidst Cedi's Rise

Ghana's Cocoa Sector Sees Price Boost Amidst Cedi Strengthening Ghana's cocoa sector is experiencing a positive shift as the COCOBOD (Cocoa Board) adjusts its producer price. This follows the recent strengthening of the Ghanaian cedi against the US dollar. Dr. Ransford Artertey Abbey, CEO of COCOBOD, explained in a recent interview that the price has been increased to $4,800 per tonne, a significant rise from the previous $3,100. "COCOBOD is now paying $4,800 per tonne instead of $3,100, effectively adjusting the price in line with the strengthened cedi," stated Dr. Abbey. He emphasized the importance of this adjustment for cocoa farmers and the overall economy. The increase is a direct response to the improved exchange rate, which reduces the impact of dollar-based debts on the cocoa industry. While a stronger cedi means less revenue in dollars, it also significantly lowers the cost of production and debt repayment for COCOBOD, ultimately benefiting farmers. This adjustment demonstrates COCOBOD's commitment to supporting Ghanaian cocoa farmers and stabilizing the economy. The price increase is expected to have a positive impact on farmers' livelihoods and the overall contribution of the cocoa sector to Ghana's GDP.