President John Dramani Mahama has defended the recent upward revision of cocoa prices, arguing that the move is a necessary intervention to prevent the nation from sinking into “billions” of dollars in fresh debt.

Delivering the 2026 State of the Nation Address (SONA) in Parliament on Friday, the President said he had to make unpopular choices for the long-term health of the economy.

“We revised the prices of cocoa to achieve competitive pricing because failing to do this would have meant borrowing billions,” the President stated, addressing the fiscal pressures that have long plagued the sector.

He further assured cocoa farmers that these adjustments are not merely fiscal corrections but the foundation of a structural overhaul, the benefits of which will be realised in the long term.

“I can firmly assure farmers that the reforms announced by the government will see the total transformation of the sector and ensure they achieve more from the cocoa… These are difficult decisions, but, Mr Speaker, I had to take them,” he said.