Cocoa farmers renew push for 70% share of global cocoa price

Ghanaian cocoa farmers are urging the government to guarantee 70% of cocoa's Free-On-Board (FOB) price. They believe this payment reflects their contribution to the global cocoa supply chain.

This appeal follows President John Dramani Mahama's recent promise. He announced a new cocoa producer price during a Thank You tour in Ahafo Region. The new price will be revealed in August 2025.

Stephenson Anane Boateng, president of the Ghana National Cocoa Farmers Association, spoke to Citi Business News. He welcomed the upcoming announcement but expressed caution among farmers.

He emphasized that cocoa farmers contribute significantly to Ghana’s economy. The constitution states that farmers should receive 70% of the FOB price. He questioned why governments propose different figures instead.

Ghana is the second-largest cocoa producer globally. The prices farmers receive affect rural livelihoods and investments in farms. Boateng also warned against large-scale commercial farming without clear strategies.

He believes such initiatives could harm smallholder farmers and may not benefit the sector overall. He referenced past efforts by former leader Dr. Kwame Nkrumah, questioning their current status.

In November 2024, the previous NPP administration raised the cocoa producer price from GH₵48,000 to GH₵49,600 per tonne. This change increased the price per 64kg bag from GH₵3,000 to GH₵3,100.