Despite global cocoa prices reaching record highs over the past 18 months, Ghanaian farmers and COCOBOD have not realised the expected windfall. The Ghana Cocoa Board is now reporting losses following a sharp price correction, raising expectations of a possible cut in next year’s Free on Board (FOB) price.
COCOBOD says the price rally, which pushed cocoa to historic highs on the international market, did not translate into financial gains for either the institution or cocoa farmers.
Ghana exports approximately 850,000 to one million metric tonnes of cocoa annually, with more than 70 per cent destined for European markets.
However, during the 2023/2024 season, about 330,000 tonnes of cocoa contracts were not supplied, resulting in rollovers for delivery and payment in subsequent years.
COCOBOD Chief Executive Officer, Randy Abbey, said: “It is unfortunate that Ghanaian farmers and COCOBOD did not benefit from the high cocoa prices on the global commodity market over the past 18 months. Instead, the situation resulted in losses.”
He added that the global cocoa market has since reversed sharply, raising fresh concerns about revenue sustainability for the sector.
“Currently, prices are declining sharply, falling from about US$12,000 to around US$5,000 per tonne.”
Cocoa, which continues to attract significant foreign exchange for Ghana, closed on the international market at US$5,845 per tonne on Friday, December 19, 2025.
The board warned that the sustained downturn could have direct implications for cocoa pricing in the next crop year. Abbey explained that the declared FOB price for the current season stands at 72 per cent, but that level may not be maintained if global prices continue to weaken.
“This year, the declared Free on Board (FOB) price was 72 per cent. If prices do not recover, there is likely to be a reduction in the FOB price next year, as global market prices continue to trend downward,” he cautioned.
The development underscores the growing challenges confronting Ghana’s cocoa sector as it navigates volatile global commodity markets while seeking to protect farmer incomes and stabilise the industry.
