Minority Rejects New Cocoa Price

The Minority in Parliament has criticised the government’s decision to slash the producer price of cocoa for the remainder of the 2025/2026 crop season.

Addressing the media on Thursday, 12 February, 2026 the minority indicated that the new price of GH¢2,587, “is totally unacceptable”, adding that the GH¢3,625 should either be maintained or increased by the government.

The minority spokesperson on the Economy and Development, Kojo Oppong Nkrumah, on behalf of the caucus, was reacting to the directive by the government to reduce the producer price of cocoa from GH¢51,660 per tonne of cocoa to GH¢41,392 per tonne and from GH¢3,625 to GH¢2,587 per bag.

The Minister for Finance, Dr Cassiel Ato Baah Forson, had earlier that day announced Cabinet’s decision regarding the troubling cocoa sector, including cocoa producer price reduction and issuance of cocoa bonds.

Reacting to the directive, Kojo Oppong Nkrumah said: “This action to announce a 28% reduction in the price amounts to a haircut, a haircut of about 28% on close to 1 million Ghanaian cocoa farmers.”

RESET

According to the Offoase-Ayirebi Legislator, who spoke for the minority, the new managers of the cocoa sector have reset the trading programme of the cocoa board.

“We (NPP government) used to sell about 70% on forward sales and 30% on spot. They (NDC) argued that that was an incompetent approach and decided to change it, and now they are selling about 70% on spot.

“That is why today, as prices have dipped, they are struggling and are saying that the price they had announced ends up being higher than their current prices on the market,” he noted.

The minority has since called on the president to relieve the COCOBOD CEO, Dr Randy Abbey, of his responsibilities at this point in time.

The minority argued further that the previous government absorbed the shock and protected the cocoa farmers whenever cocoa prices fell.

“The NDC government should absorb the cost of what they have done and protect the cocoa farmer and restore at least the 3,625 that they promised,” the minority demanded.

BAILOUT

The former Minister for Finance, Dr Mohammed Amin Adam, a member of the minority, argued that the evidence does not support the claim that the economy is being managed well.

He said given the scale of the crisis, the government was expected to give COCOBOD a bailout, rather than reducing the producer price for cocoa.

“A bailout would have been necessary, particularly at the time we are told that the economy is strong and resilient. They said they are better managers of the economy.

“An economy that is better managed cannot pay cocoa farmers. An economy that is better managed reduces the producer price of cocoa,” he stressed.

OVERVALUATION

The former Minister for Finance recalled that the opposition NPP warned this government about the “reckless overvaluation of our currency.”

He remarked that the government was warned several times that the pumping of dollars into the economy was a “reckless intervention.”

He further recalled that in the first year of this government, US$10 billion was pumped into the economy, adding that the move will affect the economy.

“Because those of you who understand economics know that when you overvalue your currency, it adversely affects the export competitiveness of your country.

“Governments should know, because they have economists amongst them, that any time you are implementing a policy, there are trade-offs.

“Therefore, by overvaluing the currency as a policy, they should know that other sectors will suffer. So, what a responsible government has to do is to achieve what we call policy equilibrium,” he remarked.

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