The Price of 1 Kilo of Cocoa in Ghana
Ghana is one of the world’s leading producers of cocoa, and the price of cocoa beans is a major determinant of the income of cocoa farmers in the country. The price of cocoa beans is also a factor in the cost of chocolate products, which are a major export of Ghana.
The price of 1 kilo of cocoa beans in Ghana in September 2023 ranges from GHS 32.26 to GHS 53.76 (US$ 2.1 to US$ 3.5). The wholesale price is typically lower than the retail price. The price of cocoa beans is influenced by a number of factors, including the global supply and demand for cocoa, the weather conditions in cocoa-growing regions, and the policies of the governments of cocoa-producing countries.
In October 2022, the Ghana Cocoa Board (COCOBOD), the government agency that regulates the cocoa industry in Ghana, announced a 21% increase in the producer price of cocoa. This means that cocoa farmers in Ghana will now receive GH¢800 (US$ 128) per 64kg bag of cocoa beans. The increase in the producer price is intended to help cocoa farmers improve their livelihoods and boost cocoa production in Ghana.
The price of 1 kilo of cocoa powder in Ghana is also influenced by the price of cocoa beans. In September 2023, the retail price of cocoa powder in Ghana ranges from GHS 96.77 to GHS 118.28 (US$ 6.3 to US$ 7.7). The wholesale price is typically lower than the retail price.
The price of cocoa is expected to remain relatively stable in the coming months. However, the global supply and demand for cocoa could fluctuate, which could affect the price of cocoa beans and cocoa products.
Here are some additional things to keep in mind about the price of cocoa in Ghana:
- The price of cocoa beans is typically higher in the months leading up to the harvest season, as farmers sell their cocoa beans in anticipation of the higher demand.
- The price of cocoa beans is typically lower in the months following the harvest season, as farmers have a surplus of cocoa beans to sell.
- The price of cocoa beans can be volatile, and it is important to monitor the market closely before making any decisions about buying or selling cocoa beans.