The Minister for Food and Agriculture, Eric Opoku, has announced that the government will pay cocoa farmers 70% of the world market price for their produce, an increase from the initially proposed 60%. This decision aims to motivate farmers, boost production, and strengthen Ghana’s position as the world’s second-largest cocoa producer. The announcement follows the Minister’s previous remarks in Parliament, where he emphasized the importance of incentivizing 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 revitalizing the cocoa sector, particularly in response to the decline in cocoa processing output. He noted that since 2023, the Cocoa Processing Company (CPC) has experienced a downward trend in production. Despite having a processing capacity of 64,500 tonnes, the company produced only 6,614 tonnes in 2023 and further declined to 2,886 tonnes in 2024. This decrease is primarily attributed to reduced cocoa bean production, which has impacted the supply to the processing company.
“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.”
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. This latest initiative is expected to provide much-needed relief to farmers and contribute to sustainable growth in Ghana’s cocoa industry.
By: Ebenezer Sabutey
