Ghana’s cocoa sector is facing calls for an immediate price hike to protect farmers from the depreciating cedi. Fiifi Boafo, the former public relations officer for the Ghana Cocoa Board (COCOBOD), has urged the government to increase the producer price for the 2025/26 season, warning that the current rate fails to reflect market realities.
In a recent social media post, Boafo emphasized that the price of $5,040 per tonne, announced on August 7, 2025, was based on an exchange rate of GH¢10.25 to the dollar. He argued that this rate was a one-day value and has since been rendered obsolete by the cedi’s continued depreciation.
“Since that announcement, the cedi has depreciated to GH¢12 to the dollar as of today, and it is projected to average GH¢13 per dollar over the cocoa year,” Boafo wrote. He stressed the urgent need for an adjustment to ensure farmers receive fair compensation.
Based on his calculations, farmers should be earning at least GH¢3,780 per bag to keep pace with the market. However, they are currently seeing only a modest increase of GH¢128 per bag, a situation Boafo described as “untenable.”
The call for an increase is a familiar refrain. Boafo pointed to a precedent set in 2023/24 when the previous administration revised the producer price upwards from GH¢3,000 to GH¢3,100 per bag just one month after a significant cedi depreciation. He is now pressuring the current government to follow suit under Finance Minister Ato Forson.
The issue extends beyond farmer welfare. A significant gap between local and international prices can encourage smuggling, a persistent problem that siphons revenue away from the state and the cocoa industry. Boafo argued that a swift adjustment is necessary to “halt smuggling, ensure financial stability, and improve the welfare of our cocoa farmers.”
The government’s previous promise of GH¢6,000 per bag also remains unfulfilled, adding to the pressure from farmers. As a cornerstone of the Ghanaian economy, the cocoa sector’s stability is vital, and the government’s response to these pricing pressures will be closely watched.
