On Wednesday, October 5, 2022, Agriculture Minister Owusu Afriyie Akoto increased the guaranteed production price paid to cocoa farmers to 12,800 cedis ($1,248.78) per ton for R&D High; main price of the 2022/23 season. This will start from Friday, October 7, 2022 against 10,560 cedis for the last two seasons.

This year, cocoa production in Ghana is in sharp decline. After a previous forecast of 800,000 tons, it was estimated at 689,000 tons on September 1. On September 30, despite the 21% increase, the price was below 900 CFA francs ($1.36) per kilogram set by Côte d'Ivoire, the country's largest cocoa producer. This raises the risk of cocoa being smuggled across the border to be sold at higher prices.

The Minister of Agriculture thus declared that “The 21% increase in the price of cocoa production reflects the government's determination to ensure that farmers have To make a decent income and to make cocoa farming lucrative,” thus dismissing the potential problem of smuggling, saying that the problem has always existed but that the price difference was minimal.