The Institute of Economic Research and Public Policy (IERPP) has questioned the basis for Ghana’s current cocoa producer price, arguing that farmers should be receiving more than GH¢4,000 per bag based on the increase in cocoa export earnings.
The institute said Ghana’s cocoa export revenue almost doubled in 2025, rising from US$1.94 billion in 2024 to US$3.86 billion.
It also noted that the realised price received by Ghana for a tonne of cocoa increased by 32.4%, from US$4,440 in 2024 to US$5,877.40 in 2025.
However, cocoa farmers were paid a producer price of GH¢2,500 per bag, a figure IERPP believes does not sufficiently reflect the increase in international cocoa prices and export earnings.
In an analysis contained in a statement signed by its Executive Director, Prof. Isaac Boadi, the institute said applying the 32.4% increase in the realised cocoa price to the previous producer price of GH¢3,100 would result in a projected farmgate price of about GH¢4,104 per bag.
This means farmers would be receiving about GH¢1,604 less per bag than the amount suggested by that calculation.
IERPP further said that even if GH¢3,500 was used as the previous benchmark, the corresponding price would be approximately GH¢4,634 per bag, which is more than GH¢2,100 above the current GH¢2,500 price.
The institute also challenged the argument that the appreciation of the Ghana cedi reduced the value of cocoa export earnings.
It pointed out that export earnings in cedi terms still increased from about GH¢28.52 billion in 2024 to GH¢42 billion in 2025.
IERPP acknowledged that export earnings alone cannot determine the farmgate price, noting that cocoa pricing also involves financing, transportation, processing and COCOBOD’s operational costs.
However, it is demanding greater transparency from the government and the Ghana Cocoa Board (COCOBOD) on how the additional revenue was distributed.
The institute wants a detailed breakdown of export earnings, international prices, exchange-rate gains, COCOBOD’s reported GH¢5.11 billion earnings, operational costs and the basis for determining the producer price.
