Ghana set to increase cocoa farmers' earnings to 70% of global price – Agriculture minister

The Minister of Food and Agriculture, Eric Opoku, has reaffirmed the government’s commitment to ensuring competitive prices for cocoa farmers.

He made this assurance while contributing to a statement on the floor of Parliament on Friday, February 14, 2025, as part of the Chocolate Day celebration, which coincides with the global observance of St. Valentine’s Day.

The minister announced that the government would introduce an initiative aimed at incentivizing increased cocoa production amidst declining output at the Cocoa Processing Company (CPC).

He expressed concern over the company’s declining performance since 2023, despite its processing capacity of 64,500 tonnes.

Opoku revealed that CPC produced only 6,614 tonnes of cocoa in 2023 and a further reduced output of 2,886 tonnes in 2024. He attributed this decline to a reduction in cocoa bean production, which in turn affected the supply to the processing company.

To address this challenge, the minister announced that the government would exceed its initial proposal of offering farmers 60% of the world market price and instead provide 70%.

“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 am pleased to announce 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 position as the world’s second-largest producer of cocoa,” he stated.

This initiative is expected to encourage cocoa farmers to increase production, ensuring sustainable growth in the sector and securing the country’s position in the global cocoa market.