ACCRA - Ghana, the world's second-biggest cocoa producer, raised the new fixed farmgate price paid to cocoa farmers on Thursday by more than 12% for the 2025/26 crop season.

Finance Minister Cassiel Ato Forson told a press briefing in Accra that cocoa farmers would receive 58,000 GHS ($4,640.00) a metric ton, up from the current 51,660 cedis.

The move follows a similar decision by Ivory Coast, the world's top cocoa producer, which increased its farmgateprice to a record 2,800 CFA francs per kilogram on Wednesday.

Ghana and Ivory Coast, which together account for more than 60% of global cocoa production, have been facing their worst harvests in decades. ($1 = 12.5000 Ghanian cedi)