The Board Chairman of Ghana Cocoa Board (COCOBOD), Dr Samuel Ofosu-Ampofo, has assured cocoa farmers that there will be no further reduction in the farmgate price of cocoa beans, despite declining international prices.

As of the second week of March 2026, international cocoa prices are trading below US$3,000 per metric ton for New York futures, reflecting a significant drop 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. In response, Côte d’Ivoire recently reduced its producer price, offering a lower rate (approximately $1.45–$1.81/kg) compared to Ghana’s fixed rate of about $2.10/kg, creating regional marketing imbalances.

These developments have raised concerns among cocoa farmers that the government might reduce the price further.

Addressing farmers in Atiwa West in the Eastern Region on Thursday, March 12, 2026, Dr Ofosu-Ampofo assured them that the government would continue to absorb the current price difference, stating that “there will be no further reduction.”

He explained that the government is currently paying 130% of the Free on Board (FOB) price to cocoa farmers to shield them from the continued decline in world market prices.

Dr Ofosu-Ampofo also announced that the government will soon establish a price stabilisation fund for the cocoa sector to act as a buffer during crises.

He was accompanied by COCOBOD board members, the Eastern Regional Minister, Rita Akosua Adjei Awatey, and several technocrats.

The visit aimed to assess reports of nonpayment to cocoa farmers by license-buying companies. Dr Ofosu-Ampofo reassured farmers that the situation is being addressed with the release of additional funds to ensure timely payments for cocoa sold.

Citizens speak on GoldBod Jewellery-Nana Aba Anamoah partnership