Ghanaian cocoa farmers may see a further increase in the farmgate price for the 2025/2026 season, which begins in August. Sources close to the Ghana Cocoa Board (Cocobod), cited by Bloomberg, indicate the price could rise to 3,300 cedis per 64-kilogram bag, equivalent to about $319. This marks an increase from the current price of 3,100 cedis, or $299.

This anticipated price hike is reportedly linked to the strengthening of Ghana's local currency, which appreciated 42% against the U.S. dollar this year, according to Bloomberg.

Although the price revision has not yet been officially confirmed, it aligns with trends observed during the current 2024/2025 campaign. That season began last September with a 45% increase in the farmgate price to 3,000 cedis. Two months later, the price was revised to 3,100 cedis, where it has remained since.

Cocobod is expected to announce the new price before the start of the upcoming season. However, the current rate remains significantly lower than the 6,000 cedis per bag requested by the Ghana National Cocoa Farmers Association (GNCFA). Given this context, further price increases appear probable, especially as Cocobod forecasts a harvest of 650,000 metric tons for the new season, up from an estimated 600,000 tons for 2024/2025.

An upward adjustment in prices could provide farmers with the financial means to reinvest in their plantations, including the purchase of fertilizer and pesticides. Any increase, however, may be moderated by broader market conditions. The surge in cocoa prices that characterized the final quarter of 2024 has since subsided.

Since January, cocoa futures have fallen 13% year-on-year in New York and more than 18% in London, reflecting improved global supply prospects.