Ghana cocoa farmers hoard beans in anticipation of price hike

Cocoa farmers in Ghana, the world’s second-largest cocoa producer, are holding onto their beans, hoping for a price increase amid global market challenges.

Following comments from Vice President Mahamudu Bawumia, who hinted at a potential price rise, farmers anticipate selling at higher prices, causing a slowdown in local cocoa purchases.

Despite Bawumia later clarifying that prices would only adjust with significant price gaps, farmers remain hopeful.

Cocobod CEO Joseph Aidoo suggested prices might rise if the Ghanaian cedi depreciates, but for now, officials believe current rates are fair and necessary to manage debt.