We want to give cocoa farmers 70% of world market price – Agric Minister Eric Opoku

The government has announced a major increase in cocoa prices, pledging to offer Ghanaian cocoa farmers 70% of the world market price—surpassing the initial 60% proposal.

Minister for Food and Agriculture, Hon. Eric Opoku, made this announcement, stating that the move is aimed at motivating farmers, boosting production, and solidifying Ghana’s position as the world’s second-largest cocoa producer.

Despite Ghana’s global ranking in cocoa production, the minister highlighted concerns over declining processing figures at the Cocoa Processing Company (CPC), the only government-partially owned cocoa processor in the country.

“The Cocoa Processing Company of Ghana has a processing capacity of 64,500 tonnes. However, in 2023, it processed only 6,614 tonnes, and in 2024, that figure dropped to just 2,886 tonnes,” he noted.

This sharp decline, he explained, is due to a shortage of cocoa beans, stressing the urgent need to increase production.

To address the shortfall and ensure a steady supply for local processing, Hon. Opoku emphasized that farmers must be offered competitive prices.

“At any point, the cocoa farmer must be given not less than 60% of the world market price. Mr. Speaker, we are fully determined to give cocoa farmers more than 60 percent. We want to give them 70 percent,” he declared.

The government believes that increasing cocoa farmers’ earnings will incentivize production, ensuring a more stable supply of beans for processing and sustaining Ghana’s position in the global cocoa market.