The government has announced a new policy to pay cocoa farmers 70% of the world market price for their produce, surpassing the initially proposed 60%.
Minister for Food and Agriculture, Eric Opoku, stated that this decision is aimed at motivating farmers, increasing production, and strengthening Ghana’s position as the world’s second-largest cocoa producer.
“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,” Opoku said in a Facebook post on Saturday.
The move comes as the government seeks to reverse a decline in cocoa processing output.
Opoku highlighted that the Cocoa Processing Company (CPC) has seen production drop significantly, with only 6,614 tonnes processed in 2023 and 2,886 tonnes in 2024—far below its 64,500-tonne capacity.
He attributed this to a decrease in cocoa bean production, which has impacted supply to processors. By increasing farmers’ earnings, the government aims to stabilize the sector and ensure a steady supply of cocoa for both local processing and export.
Despite being a leading producer, Ghana exports most of its cocoa beans in raw form due to limited local processing capacity, raising concerns over lost revenue.
Opoku assured stakeholders that the government is taking steps to enhance the cocoa value chain and maximize earnings.
The price increase is expected to provide relief to farmers, boost production, and contribute to sustainable growth in the industry, reinforcing Ghana’s global standing in cocoa production.
Find below his full statement posted on Facebook on February 15, 2025
On Friday, February 14, 2025, as Ghana marked National Chocolate Day alongside the global celebration of St. Valentine’s Day, I reaffirmed government’s commitment to ensuring competitive prices for cocoa farmers while contributing to a statement on the floor of Parliament. This initiative aims to incentivize increased production amidst declining output at the Cocoa Processing Company (CPC).
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.
To address this challenge, I announced government’s decision to exceed the initial 60 percent proposal and offer cocoa farmers 70 percent 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.
END.
