Government to offer cocoa farmers 70% of world market price to boost production

The Government of Ghana has announced an  increase in the price paid to cocoa farmers, offering them 70% of the world market price for their produce instead of the initially proposed 60%.

The Minister for Food and Agriculture and Member of Parliament for Asunafo South Constituency in the Ahafo Region, Eric Opoku,  explained that the decision to offer cocoa farmers 70% of the world market price aims to motivate farmers, boost cocoa production, and further solidify Ghana’s position as the world’s second-largest producer of cocoa.

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

Ghana, a key player in the global cocoa market, relies heavily on the crop as a major export commodity, by guaranteeing farmers a substantial share of the world market price, the government hopes to enhance their earnings, improve living standards, and sustain the country’s cocoa sector.

In a Facebook post on Saturday, the Minister disclosed that despite the Cocoa Processing Company (CPC) having a processing capacity of 64,500 tonnes, it has been on a downward trend since 2023. Hence, the decision to offer cocoa farmers 70% of the world market price is intended to boost production.

“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 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.” He stated

Source: Elvisanokyenews.com