Former Head of Public Affairs at COCOBOD, Fiifi Boafo, has questioned the basis of Ghana’s cocoa producer pricing, arguing that key economic variables, particularly exchange rate movements, appear to have been underexplained in the decision to keep prices unchanged for the 2026 Light Crop Season despite a fall in global cocoa prices.
Government, through the Ghana Cocoa Board, announced that the producer price for cocoa will remain unchanged for the upcoming season, with purchases expected to begin on Thursday, June 18, 2026.
Under the announced rates, Grade I and II cocoa beans will continue to sell at GH¢41,241.76 per load of 30 kilograms and GH¢2,587.00 per bag of 64 kilograms gross, while the price per tonne remains GH¢41,392.00.
The decision comes even as global cocoa prices have declined in recent months, raising questions about how the local pricing formula was applied.
Speaking on Eyewitness News on Friday, June 12, 2026, Fiifi Boafo argued that while global market prices are a key factor in determining farmer earnings, the explanation provided by authorities was incomplete.
“The prevailing world market price is a key determinant of how much a farmer is supposed to earn,” he said, but added that “there’s one very important part… which the statement that was issued by Cocoa Board was very silent about,” referring to the exchange rate.
He questioned whether currency movements had been fully factored into the pricing decision, noting that the Cedi had weakened from about 10.89 to nearly 12 to the US dollar since the last price announcement.
“So that played a role, you think? It has to play a role,” he said, arguing that the omission raises concerns about transparency in how the producer price is set.
Mr Boafo also pointed to fluctuations in global cocoa prices, saying they had moved from around 4,200 dollars per tonne in February to between 3,900 and 4,000 dollars, but stressed that pricing decisions should not rely on a single indicator.
He further referenced the Living Income Differential of about 400 dollars per tonne, questioning how it factors into the final producer price received by Ghanaian farmers.
“So yes, you were right in asking the question, so why would you not reduce the price?” he said, while cautioning that cocoa pricing is typically based on longer-term trends rather than daily market movements.
