Ghana’s cocoa export receipts hit $3.86 billion in 2025 — almost double the $1.94 billion earned in 2024, the Bank of Ghana says. The Monetary Policy Report attributes the jump to higher export volumes and elevated world cocoa prices for beans and processed products.
The State Interests and Governance Authority’s 2025 State Ownership Report paints a parallel recovery at the Ghana Cocoa Board: COCOBOD’s operating revenue rose to about GHS48.6 billion, and the Board returned a GHS5.11 billion net profit after a GHS5.73 billion loss in 2024. Purchases reached 597,377 tonnes, up from 448,969 tonnes the year before.
Farmgate prices then fell. After the Producer Price Review Committee raised the producer price to GHS58,000 a tonne (GHS3,625 a bag) in October 2025, an emergency review on 12 February 2026 cut it to GHS41,392 a tonne — GHS2,587 per 64kg bag — for the rest of the 2025/26 season. The Ministry of Finance cited world prices sliding from about $7,200 toward roughly $4,100–$4,200 a tonne and liquidity strain in the sector.
COCOBOD entered 2025 with about GHS32.9 billion in debt. CEO Randy Abbey said that end-2024 stock came with negative equity of roughly GHS3.8 billion — the first time in the Board’s nearly eight-decade history that liabilities exceeded assets. Reforms announced with the February price reset included debt-to-equity conversion of legacy Ministry of Finance and Bank of Ghana claims and a transfer of certified cocoa-road liabilities.