A new producer price for cocoa has been announced by government with the aim of stabilising the sector and supporting farmers.

Finance Minister Dr Cassiel Ato Forson, while addressing the Press on Thursday, February 12, explained that the decision was influenced by prevailing circumstances within the international cocoa trade.

“As a result of that, the PPRC thereby announces that effective today, Thursday 12th February 2026, the new producer price for the remainder of the 2025–2026 crop season will now be 41,392 Ghana Cedis per ton and 2,587 Ghana Cedis per bag,” he said.

The new price approved by the Producer Price Review Committee (PPRC) will take effect from Today Thursday, February 12, with the revised price translating to GH¢2,587 per bag.

This development comes in the aftermath of an emergency Cabinet meeting convened by President John Dramani Mahama On Wednesday, February 11, 2026 to address thousands of cocoa farmers across the country who have been left unpaid for months, with some struggling to afford even basic meals.

The Finance Minister disclosed that the Government has directed the Ghana Cocoa Board (COCOBOD) to commence immediate payment to all affected cocoa farmers who are owed money

The Finance Minister revealed that the Cabinet has approved comprehensive reforms to guarantee fair prices to cocoa farmers, secure the financial viability of the cocoa sector, and ensure the long-term sustainability of the industry.

"To bring relief to unpaid cocoa farmers, Cabinet has accordingly directed the Ghana Cocoa Board to commence immediate payment of all affected cocoa farmers," he added.

The Ghana Cocoa Board (COCOBOD) is dealing with about 50,000 metric tonnes of cocoa that remain unsold at the ports, while Licensed Buying Companies (LBCs) are owed roughly GH¢2.04 billion ($185 million) by the regulator.

Several farmers have gone without payment since November 2025, compelling many to cut down on meals, pull their children out of school, and neglect routine farm upkeep. The situation has further escalated, with reports indicating that some farmers have held purchasing clerks over unpaid cocoa transactions.

The delays in payment have been attributed to several issues, including the loss of international financial support, a disparity between Ghana’s farmgate pricing and the sharp drop in global cocoa prices, as well as inherited forward sales agreements signed when prices were significantly lower.

Under the planned reforms, the government intends to submit a new Cocoa Board bill to Parliament aimed at introducing an automatic system for adjusting producer prices.

The draft legislation seeks to synchronise cocoa producer prices with global market price trends, currency exchange fluctuations, and other essential indicators.

Importantly, the proposed bill will ensure that cocoa farmers receive no less than 70% of the gross FOB (Free on Board) price.

"Cabinet has therefore decided on the following reforms to guarantee a fair price to the cocoa farmer, secure the financial viability of the cocoa sector, and ensure the long-term sustainability of the cocoa industry," Dr Ato Forson stated.

In May 2025, COCOBOD CEO Dr. Randy Abbey expressed deep concern over the limited results achieved from a major cocoa rehabilitation initiative, despite the significant financial investment it received.

He revealed that although $263 million was borrowed to restore 156,000 hectares of cocoa farms damaged by disease, only 40,000 hectares had been rehabilitated when he took over leadership.

“If we had successfully done this 156,000 hectares, it would have contributed up to 200,000 tonnes to our production; we took all this money, and all we have to show is just 40,000 hectares completed,” he said, speaking to farmers in Nkawie in the Ashanti Region.

The rehabilitation program was introduced after nearly 40 percent of cocoa farms were found to be infected, prompting urgent intervention by COCOBOD’s previous administration—a move Dr. Abbey said was well-intentioned.

However, he added that the project later received an additional GHS700 million, and he questioned how the funds were applied, given the modest progress achieved. He disclosed that the matter is now under scrutiny by the relevant investigative institutions.

“There are agencies responsible for the investigation of these things. I am saddened by what has happened because it was the golden opportunity to turn things around in the sector,” he noted.

To reverse the trend and bolster production, Dr. Abbey said COCOBOD was focused on rehabilitating 21,000 hectares of abandoned cocoa farms at the time.

He affirmed his personal commitment to seeing it through, stating, “We have left some in the bush, and that is what I am trying to go and work on them and be able to hand them over so we can add them to the productive stock of farms we have.”He also mentioned that the new management inherited road contracts worth GHS21 billion and debt of GHS4.4 billion, posing additional challenges to the sector’s recovery.