Dennis Miracles Aboagye is an NPP member
Claim: Member of the communications team of the New Patriotic Party, Dennis ‘Miracles’ Aboagye claims that cocoa prices soared to $13,000 in 2025.
Verdict: Having analysed data from the International Cocoa Organization (ICCO) and the Business Insider, we found the claim to be false.
Full Text
Member of the New Patriotic Party’s communications team, Dennis Miracles Aboagye, is accusing the government of shortchanging cocoa farmers.
Commenting on the government’s decision to cut the farmgate cocoa price paid to farmers, Dennis Aboagye accused the government of being untruthful and unfair.
While questioning an earlier claim by the National Democratic Congress’ Godwin Edudzi Tamakloe that the previous government had already purchased 92% of cocoa beans through forward sale arrangements, Dennis Aboagye said such a claim was inconsistent with the reduction in cocoa producer prices, arguing that if that volume had indeed been sold in advance, it would have been transacted at the prevailing market prices at the time.
“If it is true that COCOBOD had sold 92 per cent of cocoa beans by forward sale by January 2026, they would have sold it at the prevailing price at the time you were selling it,” Aboagye said on Newsfile on Saturday, February 28.
He then claimed that cocoa prices had hit the $13,000/tonne margin in 2025.
“As of August 2025, when they announced new cocoa prices, it was selling at around $7,200. The average for the year was around $7,000. Indeed, at some point in 2025, cocoa prices went all the way to $13,000.”
The show was aired live on television and was also livestreamed on various social media platforms, including YouTube (3:22:20 to 3:25:30). A clip in which Dennis Aboagye made the claim has been posted on Facebook by JoyNews.
Did cocoa hit $13,000 per tonne in 2025 as claimed by Miracles Aboagye?
DUBAWA decided to fact-check the claim in line with our mandate to combat misinformation and to promote truth in public discourse.
Verification
To verify the claim that cocoa prices hit about $13,000 on the global market, we analysed data from two sources: the International Cocoa Organization (ICCO) and Business Insider, and limited our scope to 2025.
According to data from ICCO, cocoa prices on the world market peaked on January 29 2025, selling at 11,453.00 (New York Futures) per tonne. This amount is not so different from what is provided on the Business Insider chart of cocoa prices for January 29 ($11,447.07)
Similarly, the Business Insider chart shows cocoa prices peaked at 11,510.37 on January 22, which differs slightly from ICCO’s figure for that day (11,361.33 – New York Futures).
While the two sources quote slightly different prices, neither reports cocoa prices reaching $13,000, as Dennis Aboagye claimed.
A Bloomberg report on cocoa prices, published in December 2025, makes reference to a time when global prices “almost” hit $13,000; the year 2024
“Cocoa soared to a record of almost $13,000 a ton last year as disease and extreme weather ravaged crops in the Ivory Coast and Ghana,” a line in the article reads. With the article published in 2025, by “last year” it was making reference to 2024.
If prices had reached or surpassed $13,000 in 2025, that development would likely have been cited as the new benchmark rather than referring to a previous year.
When we reviewed data for 2024, the highest cocoa prices were recorded on April 19 and December 18, at 12,538.81 and 12,475.33, respectively, according to Business Insider.
Conclusion
Miracles Aboagye’s claim that cocoa prices hit $13,000 in 2025 is false.
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