Mahama proposes 70% world market price for cocoa farmers

President John Dramani Mahama has announced plans to introduce an automatic cocoa pricing mechanism that will guarantee farmers 70 per cent of the world market price as part of reforms to address challenges in the sector.

The proposed model is expected to bring domestic producer prices closer to international market conditions while giving farmers more predictability in their earnings.

Speaking at the Presidential Dialogue with the Private Sector on February 23, 2026, Mr Mahama said the difficulties facing the cocoa industry required urgent structural changes.

“The current crisis in the cocoa sector compels us to urgently introduce reforms in the entire cocoa value chain,” he said.

He explained that the new pricing system would ensure farmers receive a defined share of global prices.

“The reforms will include, amongst others, an automatic price mechanism that pays the farmer 70 per cent of the international market price at prevailing exchange rates,” he stated.

Mr Mahama said recent volatility in global cocoa prices had led to difficult policy decisions, including a reduction in the domestic producer price, and pointed to the need for a more stable system.

Beyond pricing, he outlined plans to secure domestic funding for cocoa purchases and expand the role of local licensed buying companies.

He said the Produce Buying Company would be revamped, while efforts would also be made to increase local processing of cocoa and other tree crops.

Additional measures include reducing inefficiencies within the Ghana Cocoa Board and retooling the Cocoa Processing Company to improve operations.

Mr Mahama said Ghana must move away from exporting raw commodities and place more attention on value addition.

“We must move Ghana from a raw commodity exporter to a value-added producer,” he said.

He called on the private sector to invest in processing and innovation, adding that the long-term sustainability of the cocoa sector depends on stronger engagement between government and industry players.