2024/25 cocoa freight rate increases by 5%

The Cocoa Marketing Company (CMC), Ghana Shippers’ Authority (GSA), and 17 shipping lines have agreed on a 5% increase in freight rates for the 2024/2025 cocoa season, with no change to the Bunker Adjustment Factor (BAF). New rates take effect from October 1, 2024.

Key shipping lines, including Maersk and Grimaldi, will transport cocoa globally, with rates ranging from €56.72 to Northern Europe to $122.05 to Brazil.

The agreement ensures stability for Ghana’s cocoa exports, vital to the nation’s economy, with enhanced efficiency expected at the Takoradi Port due to YilPort's operations.