Cocoa Farmers Push Government to Revise Pricing Framework Amid Cedi Depreciation

The Ghana National Cocoa Farmers Association (GNACOFA) has issued an urgent appeal to the Government of Ghana and the Ghana Cocoa Board (COCOBOD) to revise the cocoa pricing framework to reflect the country’s current exchange rate of GHS 13.00 to USD 1. The association expressed concern that the continued use of the outdated rate of GHS 10.25 to USD 1 in calculating the producer price of cocoa has left farmers struggling to survive despite their central role in sustaining Ghana’s economy.

According to GNACOFA, the sharp depreciation of the cedi, coupled with rising inflation and soaring farm input costs, has created a dire situation for farmers who supply the raw material for one of the nation’s most valuable export commodities. The association emphasized that cocoa farmers remain the foundation of Ghana’s agricultural sector, and yet they are being unfairly compensated under the existing pricing structure, which has failed to keep pace with economic changes.

In a statement, GNACOFA described the current producer price as “unrealistic and unsustainable,” arguing that it diminishes farmers’ real income and undermines their ability to reinvest in their farms. The association warned that if immediate corrective action is not taken, cocoa production could face severe setbacks, threatening both national revenue and Ghana’s global reputation as the world’s second-largest cocoa producer.

GNACOFA urged the government and COCOBOD to adopt a transparent, responsive, and fair pricing mechanism that adjusts cocoa prices in line with key economic indicators such as the exchange rate and inflation trends. The group also called for meaningful engagement with cocoa farmers in the formulation of policies that directly affect their livelihoods, stating that inclusive decision-making is essential to creating lasting solutions.

Cocoa farming supports over 800,000 households in Ghana and is a critical contributor to foreign exchange earnings and rural development. GNACOFA believes that ensuring fair compensation for farmers is not only a moral obligation but also a strategic necessity to secure the sustainability of the cocoa industry, which has historically been a pillar of Ghana’s economy.

The association reaffirmed its readiness to collaborate with all relevant stakeholders to create a pricing system that reflects the true value of cocoa and protects the welfare of farmers. GNACOFA emphasized that addressing this issue is vital to boosting farmer morale, improving productivity, and maintaining Ghana’s competitive advantage on the global cocoa market.

Issued by: Ghana National Cocoa Farmers Association (GNACOFA)

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