The Minister for Food and Agriculture, Eric Opoku, has announced that the Ghanaian government will now offer cocoa farmers 70% of the world market price for their produce, surpassing the previously proposed 60%. This move aims to incentivize farmers, increase production, and solidify Ghana‘s position as the second-largest global producer of cocoa.
The announcement follows the Minister’s earlier remarks in Parliament, where he stressed the importance of boosting cocoa production to support the country’s economy. Mr. Opoku reaffirmed the government’s commitment to revitalize the cocoa sector, especially in light of declining production at the Cocoa Processing Company (CPC).
In a Facebook post over the weekend, Mr. Opoku highlighted the downward trend in CPC’s output since 2023, citing a sharp decline in cocoa bean production as the main reason for reduced supply. “CPC, with a processing capacity of 64,500 tonnes, produced only 6,614 tonnes in 2023 and just 2,886 tonnes in 2024,” he explained.
To address this issue, the government decided to increase the payment to farmers to 70% of the global market price, a measure designed to motivate farmers, boost production, and maintain Ghana’s competitive standing in the global cocoa market.
Despite Ghana being a leading cocoa producer, the country has struggled with limited local processing capabilities, primarily exporting raw cocoa beans. This situation has raised concerns about missed opportunities for additional revenue through value-added processing.
The Minister assured stakeholders that the government is implementing strategies to strengthen the cocoa value chain, enabling the country to derive more benefits from its cocoa production.
This initiative is expected to provide relief to farmers and contribute to sustainable growth in Ghana’s cocoa industry.
