As global cocoa prices hit record highs, Ghana’s cocoa producer price is set for a dollar-denominated increase ahead of the upcoming crop season. However, the Ghana Cocoa Board (COCOBOD) has cautioned that the sharp appreciation of the Ghanaian cedi could blunt the gains farmers expect when the new prices are converted into local currency.
Dr. Randy Abbey, COCOBOD’s Chief Executive, explained on PM Express Business Edition that while the dollar price per ton will rise significantly, the strength of the cedi means farmers might see little or no increase in their cedi earnings.
“Global market conditions favor higher incomes, but with the cedi appreciating, the benefit may not translate effectively to farmers’ real earnings,” Dr. Abbey noted.
He reassured stakeholders that COCOBOD is actively exploring strategies to ensure farmers still receive meaningful improvements in their pay, balancing international price trends with domestic economic factors.
The announcement underscores ongoing challenges faced by Ghana’s key exporters, where currency fluctuations and inflation often affect primary producers’ livelihoods despite favorable global markets.
Ensuring fair compensation for cocoa farmers remains critical, as cocoa continues to be a cornerstone of Ghana’s economy and a vital source of foreign exchange.
