Ghana raises 2026/27 farmgate cocoa price to 42,400 cedis a metric ton

(Adds details paragraphs 2-9) ACCRA, Sept 25 (Reuters) — Ghana, the world's second-largest cocoa producer, raised the farmgate price paid to cocoa farmers by 2.4% to 42,400 cedis for the 2026/27 crop season, COCOBOD's CEO Ransford Abbey told a press briefing on Friday. The announcement coincided with the opening of the new cocoa season. The new price works out to 2,650 cedis per 64 kg bag. Under a new law adopted this year, which guarantees farmers 70% of the free-on-board (FOB) price, the farmgate price will no longer be fixed for the season but reviewed periodically as international market prices change. Ghana cut its farmgate price to 41,392 cedis per metric ton midway through last season, down from 58,000 cedis, in a bid to stimulate sales after global cocoa prices retreated sharply from record highs. COCOBOD, the national regulator, has struggled to finance the sector since its syndicated loan arrangement with international banks collapsed in the 2023/24 season. A subsequent trader-backed financing arrangement also failed in 2025/26, delaying payments to farmers. COCOBOD has proposed a 16.3 billion cedi ($1.41 billion) domestic financing plan, including up to 2.3 billion cedis in bonds and 14 billion cedis in commercial paper, to fund the new crop season. Production in the season that just ended totalled 771,000 tons, surpassing the initial 650,000-ton target. reviewed. Neighbouring Ivory Coast, the world's largest cocoa producer, is paying its farmers a state-guaranteed price of 1,200 CFA francs ($2.12) per kg for the 2026/2027 main crop. (Reporting by Emmanuel Bruce and Christian Akorlie; Writing by Robbie Corey-Boulet) ((robbie.corey-boulet@thomsonreuters.com )