Farmers and traders hoard cocoa beans in anticipation of a price hike

Ghanaian cocoa farmers are holding back beans, hoping for a price hike, a move affecting the country’s cocoa supply amid global market recovery efforts.

This trend follows remarks by Vice President Mahamudu Bawumia, who hinted at potential price increases, although he later clarified that price adjustments would only occur with significant currency depreciation or a notable price gap with the Ivory Coast.

Ghana, already facing losses from smuggling and low yields, raised its cocoa price by 45% to discourage smuggling, setting prices near Ivory Coast's. While favorable weather aids production, inconsistent prices and smuggling fears continue to challenge Ghana’s cocoa market stability.

Read full article