Ghana’s cocoa farmers are poised to receive a significant bump in earnings as the Ghana Cocoa Board (COCOBOD) prepares to raise the producer price in dollar terms for the upcoming crop season. The move follows a historic surge in global cocoa prices driven by supply shortages and speculative trading.
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However, COCOBOD warns that the rising strength of the Ghanaian cedi may dilute the expected windfall when earnings are converted into local currency.
Speaking on PM Express, COCOBOD CEO Dr. Randy Abbey confirmed that a major upward adjustment is on the horizon. “We are convinced it will happen. In dollar terms, the impact will be clear. But due to the cedi’s current strength, farmers may not feel a significant increase in local currency,” he said.
The Board is now working to strike a delicate balance, ensuring that farmers benefit from international market trends while safeguarding their real income in cedi terms. Dr. Abbey emphasized COCOBOD’s commitment to protecting farmers’ livelihoods and noted that discussions with stakeholders are ongoing to finalize a pricing model that reflects both global conditions and domestic economic realities.
“We must strike a balance. Farmers deserve to benefit from favorable market conditions,” he stated.
The expected price review comes at a time when exchange rate volatility and inflation continue to threaten income stability in Ghana’s key export sectors. Cocoa, as one of the country’s largest foreign exchange earners, plays a vital role in rural development and economic sustainability. Ensuring that farmers earn a fair return remains a top priority for policymakers.
