Cocoa farmers nationwide are hopeful of a significant hike in the price of their produce, following President John Dramani Mahama’s assurance of new prices in the coming months.

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During his ‘Thank You’ tour in the Ahafo Region on May 31, the president noted that government will reveal the revised cocoa producer price in August.

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“And to cocoa farmers, the CEO of COCOBOD has informed me that by August, they will announce the new cocoa producer price. And I can assure you, the price is going to be very good.”With his confidence in the satisfaction the price review would give farmers, he entreated all individuals contemplating venturing into the cocoa farming business to do so.

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“To those of you who don't have cocoa farms, go and start looking for land and start planting cocoa,” he said.

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In April, there were rumours of a new cocoa producer price, but the Ghana Cocoa Board refuted this report. The Board in a statement, revealed that the absence of a functional Board of Directors and Producer Price Review Committee makes it impossible for a producer price to be set.

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The current cocoa producer price in Ghana is GH¢3,100 per 64kg bag, which translates to GH¢49,600 per tonne. This price was after it saw a raise on November 8 last year, when the Ghana Cocoa Board announced an increase from GH¢48,000 per tonne to GH¢49,600.

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The adjustment was made to align cocoa prices with prevailing market conditions and provide better support to farmers.

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In his delivery, President Mahama also disclosed that his government is taking steps to revive the country’s cocoa sector, which has faced major challenges in recent years. As part of the plan, farmers will receive incentives to boost production, and also about 200,000 hectares of cocoa farms will be added to improve cocoa output.

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“Plans are underway to revamp our collapsed cocoa sector. Incentives will be provided to our hardworking farmers to increase cocoa production. We aim to add 200,000 hectares of cocoa to Ghana's output to increase the income of our farmers,” he said.

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Ghana's cocoa sector has faced significant challenges in recent years, with reports confirming a decline in production for three consecutive years starting from the 2021/2022 season. In 2021/2022, production stood at 683,269 metric tons, but it dropped to 656,140 metric tons in 2022/2023. The decline continued into 2023/2024, where production fell further to 531,000 metric tons.

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The drop to 531,000 metric tons marked one of the lowest outputs in over a decade. However, in the 2024/2025 season, production is expected to increase to 700,000 metric tons, representing a 32% recovery due to improved yields and better farming practices.

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Several factors have been attributed to the decline in output. These include erratic weather patterns, aging cocoa farms, and financial constraints. These constraints have affected Ghana's ranking in terms of cocoa production at the global level, with competition from emerging cocoa producers like Ecuador and Brazil.

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Ghana is currently ranked as the third-largest cocoa producer in the world. At one point, Ghana was the second-largest producer, but it has been overtaken by Indonesia, which now holds the second position. Ivory Coast remains the world's leading cocoa producer, maintaining its dominance due to higher yields, better farm management, and government support for cocoa farmers.

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