Ghana’s cocoa sector is confronting a new market reality as high bean prices have made the country’s produce less competitive internationally, leaving stocks unsold, according to the Chief Executive of the Ghana Cocoa Board (COCOBOD), Randy Abbey.
Speaking on Newsfile on Joy FM, Dr Abbey revealed that Ghana’s cocoa beans are currently priced above those of competitor countries, creating a significant gap that has slowed international demand.
“Our beans are more expensive compared to other origins,” he stated, explaining that the pricing disparity has resulted in a backlog of unsold cocoa supplied by licensed buying companies this season.
The development marks a dramatic shift from the 2023/24 cocoa season, when Ghana grappled with rampant cross-border smuggling driven by lower producer prices. At the time, Ghana was paying farmers about $3,100 per tonne, while neighbouring countries such as Togo reportedly offered over $6,000 per tonne.
That price imbalance triggered widespread smuggling, prompting frequent arrests and high-level national security interventions. According to Dr Abbey, smugglers often bypassed formal channels and purchased beans directly from farms due to the lucrative price differences.
However, this season’s pricing structure, while curbing smuggling incentives, has introduced a different challenge. Ghana’s buyer-funded cocoa marketing model has pushed prices higher than those closer to terminal market rates, making it difficult to secure buyers on the international market.
The situation underscores the delicate balancing act facing policymakers: protecting farmer incomes while ensuring global competitiveness.
Dr Abbey’s remarks come at a time when structural reforms are underway in the cocoa sector, as government seeks to stabilise production, address financing constraints and restore long-term sustainability to one of Ghana’s most critical export industries.
The current predicament highlights how shifts in pricing strategy can solve one structural problem — smuggling — while simultaneously creating new pressures around market access and export competitiveness.
