Ghana Cocoa Board (COCOBOD) projects cocoa output will reach 650,000 metric tonnes for the 2025/2026 crop season. This target follows a period of declining production. The government is implementing a new farmer pricing framework and changing how cocoa purchases are financed.
This expected production recovery addresses years of falling output. Past declines resulted from disease outbreaks, illegal mining activities, poor weather, and financing difficulties. The new plans aim to improve farmer income and secure funding for the sector.
This initiative fits into Ghana’s broader economic strategy to revitalise a crucial export sector. Cocoa is vital for Ghana's foreign exchange earnings and rural livelihoods. Output fell from 1.04 million metric tonnes in 2020/2021 to 531,000 tonnes in 2023/2024. An estimated 700,000 tonnes is expected for 2024/2025, showing signs of recovery. These interventions aim to stabilise and grow the sector’s contribution to the national economy.
Chief Executive Dr. Randy Abbey stated production data indicates the 2025/2026 target is achievable. He confirmed that Cabinet has approved a new pricing structure. This structure ensures farmers receive about 70% of the declared world market price. “We projected 650,000 for the 2025/2026 cocoa crop season,” Dr. Abbey said. He added, “available data indicate this target is within reach as the sector moves toward the light crop season.”
The pricing reforms will include periodic price reviews. There will also be separate pricing arrangements for main and light crop seasons. These changes aim to protect farmer incomes from global price changes and rising production costs. Dr. Abbey acknowledged these policies will increase financial pressure on COCOBOD. He also stressed the need for international cooperation to share sustainability costs fairly.
COCOBOD is also pursuing significant financing changes before the 2026/2027 crop season. The plan is to raise about US$1 billion through cedi-denominated domestic bonds. These bonds will fund cocoa purchases. This move marks a departure from reliance on offshore syndicated loans, a method used for over three decades.
Market analysts view this program as an important test for Ghana's domestic debt market. It follows the 2022/2023 Domestic Debt Exchange Programme that restructured government debt. COCOBOD currently manages a debt burden of approximately GHS 32 billion. Successfully raising funds domestically would signal renewed investor confidence in Ghana's financial stability and COCOBOD’s restructuring efforts.
Dr. Abbey noted that interest rates in Ghana are now attractive for domestic market borrowing. He also highlighted Ghana’s role in pushing for fairer global financing arrangements in the cocoa value chain. Ghana will host the 2027 World Cocoa Foundation Partnership Meeting in Accra. This event will allow Ghana to advocate for shared financial responsibilities among producing countries, buyers, and consumers. The meeting will address farmer livelihoods, climate resilience, and disease management challenges. Ghana also plans to attract investment into local cocoa processing and farm rehabilitation at the summit.