Ghana’s cocoa producer price is expected to see a significant upward adjustment in dollar terms ahead of the next crop season.
The anticipated increase comes as part of efforts to align local prices with gains in the global cocoa market, which has seen record-high prices in recent months.
However, the Ghana Cocoa Board (COCOBOD) has raised concerns about how the sharp appreciation of the Ghanaian cedi may affect the real earnings of farmers, despite the dollar hike.
Speaking on PM Express Business Edition, the Chief Executive of COCOBOD, Dr. Randy Abbey, acknowledged that while the price per ton is set to rise substantially in dollar terms, the relative strength of the cedi could dampen the expected benefits for cocoa farmers when converted to local currency.
“The truth is that we are convinced and it is going to happen. On the dollar side, we will see in its impact. Based on the strength of the cedi, in cedi terms, you may not see anything significant. What we are seeing now is a situation where global prices are high, and that would normally translate into higher incomes for our farmers. But with the cedi appreciating sharply, the gains could be reduced when translated into Ghana cedi,” Dr. Abbey explained.
Dr. Abbey stressed that COCOBOD remains committed to protecting the welfare of cocoa farmers and is currently assessing mechanisms to ensure they still receive a fair and impactful increase in earnings.
“We must strike a balance. Farmers deserve to benefit from the favorable market conditions, and we are working with stakeholders to ensure the final producer price reflects both global trends and domestic realities,” he added.
The development comes amid broader discussions on how currency volatility and inflation impact primary producers in Ghana’s key export sectors.
Cocoa remains a major foreign exchange earner for the country, and ensuring that farmers receive fair compensation remains central to both economic and social policy.
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