Key Points
- Ghana’s cocoa farmers are hoarding beans, anticipating a price surge amid government signals of potential price increases.
- Ghana and Ivory Coast, together over 40% of global cocoa exports, aim to collaborate on price stabilization.
- Currency depreciation may influence cocoa prices, affecting farmers’ earnings and market dynamics in Ghana.
Cocoa farmers in Ghana are strategically hoarding their beans, driven by expectations of a forthcoming price surge. The move comes as the nation braces for changes that could have far-reaching implications for the global cocoa market.
The hoarding trend has been influenced by remarks from Ghana’s Vice President Mahamudu Bawumia, a leading candidate in the December 2024 presidential elections.
During a recent campaign tour, Bawumia indicated that the government intends to raise cocoa prices, asserting that this adjustment would provide crucial support to local farmers and mitigate the risk of cocoa smuggling into neighboring Ivory Coast.
Market dynamics between Ghana and Ivory Coast
According to Business Insider Africa, Ghana and Ivory Coast, which are collectively responsible for over 40 percent of global cocoa exports, have established an agreement to collaborate on production, research, and sales policies. The partnership aims to bolster cocoa prices and enhance the livelihoods of farmers across Africa.
A potential price increase in Ivory Coast could trigger a corresponding adjustment in Ghanaian prices, as disparities may prompt farmers and traders to exploit the higher prices available in either country. Such dynamics threaten to disrupt the cocoa markets and economies of both nations.
In response to inquiries, Bawumia clarified that any price adjustment would depend on a “significant difference” in cocoa prices between Ghana and Ivory Coast. “As it is, there is no significant difference, so we are not adjusting prices,” he stated.
Economic implications of currency depreciation
Joseph Aidoo, CEO of Ghana Cocoa Board, suggested that an increase in the farmgate price of cocoa remains plausible if the Ghanaian cedi continues to depreciate, diminishing farmers’ earnings.
This development adds a further layer of complexity to the situation, as currency fluctuations may significantly impact cocoa pricing strategies and the broader market landscape.
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