Ghana Government To Pay Cocoa Farmers 70% Of World Market Price

The Minister for Food and Agriculture, Eric Opoku, has announced that the government will offer cocoa farmers 70% of the world market price for their produce, exceeding the initially proposed 60%.

This decision is aimed at motivating farmers, increasing production, and strengthening Ghana’s position as the world’s second-largest producer of cocoa.

The announcement follows the Minister’s earlier remarks in Parliament, where he emphasised the need to incentivise cocoa farmers to enhance production and support the country’s economy.

In a Facebook post on Saturday, Mr Opoku reiterated the government’s commitment to revitalising the sector, particularly in response to 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,” he 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.”

 

 

 

 

 

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Despite being a leading global producer, Ghana primarily exports raw cocoa beans due to limited local processing capacity, a situation that has sparked concerns over lost revenue.

The Minister assured stakeholders that the government is taking steps to enhance the value chain and maximise earnings from cocoa production.

 

 

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This latest initiative is expected to provide much-needed relief to farmers and contribute to sustainable growth in Ghana’s cocoa industry.

 

 

 

 

 

 

 

 

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