The Board Chairman of Ghana Cocobod, Dr. Samuel Ofosu Ampofo has assured that there will be no further reduction in farmgate price of cocoa beans despite declining price of the commodity in the world market.
As of second week of March 2026, international cocoa prices are trading below US$3,000 per metric ton for New York futures, showing a significant decline from the record highs of 2024.
Prices have fallen approximately 40% year-to-date and about 75% from their 2024 peaks.
The market is experiencing high volatility, driven by expectations of a surplus in the 2025/26 season.
Côte d’Ivoire recently reduced its producer price, resulting in a lower rate (approx. $1.45–$1.81/kg) compared to Ghana’s which has fixed price (approx. $2.10/kg), creating regional marketing imbalances.
There is fears among cocoa farmers that, government will further reduce prices of cocoa.
However, addressing cocoa farmers in Atiwa West in Eastern region on Thursday March 12, Dr. Samuel Ofosu Ampofo assured the farmers that government will continue to absorb the current price difference stating that there will be no further reduction.
He explained that, currently government is paying 130% Free on Board (FOB )price to cocoa farmers continue to decline on the world market.
Dr. Samuel Ofosu Ampofo also announced that, government will soon establish a price stablization fund for the cocoa sector to serve as buffer during crises.
Dr. Samuel Ofosu Ampofo was accompanied by Board members of COCOBOD, Eastern Regional Minister Rita Akosua Adjei Awatey, and some technocrates at COCOBOD.
The visit to cocoa farmers in the region aims at assessing the situation on the grounds regarding widespread report of nonpayment of cocoa beans sold by farmers.
Dr. Samuel Ofosu Ampofo assured the farmers that the situation is being addressed with release of more funds to the lincense buying companies to pay cocoa farmers.
Source: Starrfm.com.gh
