Ghana’s Cocoa Crisis: Minister of Food and Agriculture Eric Opoku Announces 70% World Market Price for Farmers

Ghana, the world’s second-largest cocoa producer, is facing a major production crisis, with the Cocoa Processing Company operating far below capacity due to a lack of cocoa beans. In response, the newly appointed Minister of Food and Agriculture, Eric Opoku, has announced a bold decision to increase cocoa farmers’ earnings to 70% of the world market price.

“I have 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,” Opoku stated.

The declining cocoa production has already had a severe impact on processing capacity. Ghana’s Cocoa Processing Company, with a potential capacity of 64,500 tonnes, processed only 6,614 tonnes in 2023 and a drastically low 2,886 tonnes in 2024. This stark decline underscores the urgent need for government intervention to boost production levels and sustain the industry.

Opoku stressed that providing competitive prices to farmers is key to motivating them to increase production, which will in turn secure enough supply for local processing factories. Without immediate action, Ghana risks losing its stronghold in the global cocoa industry, affecting thousands of farmers and the national economy.

As Ghana’s cocoa industry grapples with these challenges, policymakers and stakeholders must prioritize farmer welfare, fair pricing, and sustainable production strategies to restore the sector’s viability.