Ivory Coast’s Cocoa Price Hike Puts Ghana’s Industry at Risk of Smuggling

Accra, Ghana – Ivory Coast’s recent decision to raise its farmgate price for cocoa by 20% has put Ghana’s cocoa industry at risk of increased smuggling.

Ivory Coast’s new price:

– 1,800 CFA francs (approx. GH₵ 48) per kilogram
– GH₵ 3,072 per 64 kg bag

Ghana’s farmgate price:

– GH₵ 3,000 per 64 kg bag

Implications for Ghana:

– Smuggling losses estimated at 160,000 metric tons in 2023/2024
– Low local prices and payment delays drive farmers to smuggle
– Ghana Cocoa Board’s 45% price increase for 2024/2025 may be insufficient

Global Cocoa Market:

– Four-year supply deficit drives up cocoa and chocolate prices
– Ghana’s production declines by 45% to 429,323 metric tons by June 2023