President John Dramani Mahama announced on Saturday that Ghana will stop using foreign financing to purchase cocoa and instead raise domestic bonds in cedis, while setting a 2030 deadline to end exports of unprocessed mineral ores in a sweeping economic sovereignty push.
Mahama unveiled the measures in Addis Ababa at the close of his high level side event titled Accra Reset’s Addis Reckoning, held on the sidelines of the 39th African Union (AU) Assembly of Heads of State and Government. He stated that one of the key decisions made is to stop accepting foreign funding for cocoa purchases, adding that Ghana has enough cedis to pay for its cocoa.
The policy shift marks a fundamental break from decades of external financing structures that have required Ghana to pledge cocoa beans as collateral to secure foreign loans for farmer payments. Ghana, the world’s second largest cocoa producer, has relied on syndicated loans from international banks for over 30 years to finance annual cocoa purchases.
Mahama explained that Ghana’s recent cocoa crisis exposed vulnerabilities in the foreign financing system, including currency and price swings that created large losses. He noted that after Ghana set a producer price when international cocoa traded at 7,200 dollars per ton and the Ghana cedi stood at 11.5 to the dollar, conditions shifted sharply with prices later falling to 4,200 dollars while the cedi appreciated to 10.7 per dollar.
The president stated that the bigger constraint has been how foreign financing is structured, noting that cocoa beans serve as collateral for the funding. He explained that under current arrangements, financiers collateralize the beans, Ghana purchases and ships them, and financiers pay international market prices.
Mahama revealed that Ghana has capacity to process 400,000 tons of cocoa beans locally but cannot allocate them to domestic processors because the beans are collateralized and must be shipped outside the country. Under the new domestic bond financing plan, Ghana will eliminate the need to pledge beans as collateral, immediately unlocking 400,000 tons for local processing to support job creation and higher value retention.
The president also announced that Ghana will move to stop exporting unprocessed minerals by the end of the decade, forcing domestic processing across key commodities. He stated that by 2030, there will not be any raw mineral ores leaving Ghana, emphasizing that raw manganese ore, raw bauxite ore and raw iron ore must all be processed locally.
The minerals policy represents a major escalation in Ghana’s longstanding industrialization push, with potential implications for mining companies operating in the country and for investors in refining and processing infrastructure. Ghana currently exports significant volumes of raw bauxite, manganese and iron ore that capture only a fraction of the value obtained through refined products.
Mahama described the cocoa and minerals policies as direct applications of the Accra Reset initiative, his continental platform focused on resource sovereignty, domestic processing and stronger African economic integration. He linked the urgency to rising pressure from Africa’s youthful population, stating that providing opportunities for young people requires rapid action.
The president tied the agenda to irregular migration, stating that Accra Reset needs urgency to stop young people from braving dangers of the Sahara Desert and Mediterranean Sea as they try to reach Europe searching for opportunity. He argued that African leaders have repeatedly agreed on frameworks but failed to execute them at speed.
Mahama stated that African leaders come with decisions, agree and develop frameworks, but what is missing is urgency and implementation. He criticized the tendency to take time and behave as if time is waiting, urging that Accra Reset represents a good idea but requires urgent implementation.
The president called for formation of a coalition of the willing to move reforms quickly if parts of the continent are not ready, allowing others to follow and join later. He ended by urging immediate action, stating that from Addis Ababa, leaders must stop talking and start implementing.
The Accra Reset side event was attended by former Nigerian President Olusegun Obasanjo, former Liberian President Ellen Johnson Sirleaf, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat Wamkele Mene, Minister of Foreign Affairs Samuel Okudzeto Ablakwa, Minister of Local Government Ahmed Ibrahim, and Minister of Works and Housing Kenneth Gilbert Adjei, among others.
President Mahama was elected First Vice Chairperson of the African Union during the 39th Ordinary Session as Burundi’s President Évariste Ndayishimiye officially assumed the rotating chairmanship for 2026. The newly constituted Bureau of the Assembly for 2026 reflects representation from Africa’s five regions.
Ghana takes the First Vice position representing West Africa, Tanzania occupies Second Vice for East Africa, and Angola serves as Rapporteur for Southern Africa. The Third Vice position representing North Africa remained yet to be confirmed at the time of announcement.
The Accra Reset initiative, launched by President Mahama in January 2026 at the World Economic Forum in Davos, emphasizes Africa’s determination to transition from aid dependency toward investment led growth, economic sovereignty and global partnerships based on mutual respect and shared prosperity. The framework has attracted support from influential African nations including South Africa, Nigeria, Kenya, Egypt and Democratic Republic of Congo, alongside Global South partners such as Brazil, India, Indonesia and Barbados.
Finance Minister Cassiel Ato Forson announced on February 12 that Ghana would introduce a new domestic cocoa bond financing system for the 2026-27 season, replacing both the syndicated loan model that collapsed after 32 years and the failed buyer financed model of 2024. The revolving fund aims to ensure liquidity throughout the crop year and enable timely purchases from farmers.
Ghana Cocoa Board (COCOBOD) traditionally secured annual syndicated loans from international banks to finance cocoa purchases, but this mechanism collapsed in 2023 due to deteriorating confidence in Ghana’s economy. The board shifted to a buyer financed model for 2024-25 where international traders provided upfront payments, but this arrangement proved unsustainable when global prices declined sharply.
The government stated that from the 2026-27 season, a minimum of 50 percent of all cocoa beans must be processed locally, with all remaining 2025-26 season beans allocated for domestic processing. Ghana historically processes between 30 and 40 percent of cocoa beans locally, with most exports consisting of raw beans that capture only a small fraction of the commodity’s final value.
President Mahama and First Lady Lordina Dramani Mahama departed Accra on Thursday, February 12, and are expected to return on Monday, February 16, following the conclusion of summit activities and bilateral engagements. The First Lady attended the Organization of African First Ladies for Development (OAFLAD) summit focused on development initiatives.
The 39th AU Summit officially opened on Saturday, February 14, 2026, with discussions focusing on reparations, gender equality, financial inclusion and continental integration. President Mahama is also scheduled to undergo Ghana’s second generation peer review under the African Peer Review Mechanism (APRM) during the summit.
