Gov’t to Offer Cocoa Farmers 70% of World Market Price to Boost Production
The Minister for Food and Agriculture, Eric Opoku, has announced that Ghanaian cocoa farmers will now receive 70% of the world market price for their produce, an increase from the initially proposed 60%.
The decision, aimed at incentivizing farmers and enhancing cocoa production, is expected to strengthen Ghana’s position as the world’s second-largest producer of cocoa.
Addressing Declining Production
The announcement follows Mr. Opoku’s recent remarks in Parliament, where he underscored the importance of supporting cocoa farmers to sustain the country’s economy. In a Facebook post on Saturday, he reiterated the government’s commitment to revitalizing the sector, particularly in light of declining cocoa processing output.
“Since 2023, CPC’s production has been on a downward trend. Despite having a processing capacity of 64,500 tonnes, the company produced only 6,614 tonnes in 2023 and 2,886 tonnes in 2024. This decline is largely due to reduced cocoa bean production, which has affected supply to the processing company,” Mr. Opoku stated.
“To address this challenge, I announced the government’s decision to exceed the initial 60% proposal and offer cocoa farmers 70% of the world market price. This increase is intended to motivate farmers, boost production, and further cement Ghana’s standing as the world’s second-largest producer of cocoa.”
Enhancing Value Addition
Despite being a leading global producer, Ghana primarily exports raw cocoa beans due to limited local processing capacity, a situation that has raised concerns over lost revenue and economic potential.
The Minister assured stakeholders that the government is taking steps to enhance the cocoa value chain and maximize earnings from the sector.
This move by the Government is expected to provide the much-needed relief to farmers and contribute to sustainable growth in Ghana’s cocoa industry.
