Eric Opoku, Minister of Food and Agriculture, has announced that the government will pay cocoa farmers 70% of the world market price for their produce, up from the initially proposed 60%.
This decision aims to motivate farmers, boost productivity, and enhance Ghana’s position as the world’s second-largest cocoa producer.
The decision follows the Minister’s previous remarks in Parliament, in which he emphasized the importance of incentivizing cocoa growers to increase production and help the country’s economy.
In a Facebook post on Saturday, Mr Opoku reaffirmed the government’s commitment to revitalizing the sector, particularly in light of dwindling cocoa processing production.
“Since 2023, CPC’s production has declined. Despite having a processing capacity of 64,500 tonnes, the company produced just 6,614 tonnes in 2023 and 2,886 tonnes in 2024. This drop is mostly due to lower cocoa bean production, which has hampered supply to the processing industry,” he noted.
“To solve this issue, I announced the government’s determination to go above the initial 60% proposal and provide cocoa farmers 70% of the world market price. This hike is meant to stimulate farmers, raise productivity, and strengthen Ghana’s position as the world’s second-largest cocoa producer.“
Despite being a prominent global producer, Ghana mostly exports raw cocoa beans due to insufficient local processing capability, raising concerns about lost revenue.
The Minister informed stakeholders that the government is working to improve the value chain and maximize earnings from cocoa production.
This latest move is designed to bring much-needed relief to farmers while also promoting long-term growth in Ghana’s cocoa business.