Minority Leader Alexander Afenyo-Markin has called on government to immediately settle outstanding payments owed to cocoa farmers, stating that producers prioritize receiving funds over policy explanations following recent price adjustments in the sector.
Speaking at a New Patriotic Party (NPP) thanksgiving service on Sunday, February 15, 2026, Afenyo-Markin criticized government reforms that reduced the producer price for the remainder of the 2025-2026 crop season, warning that the adjustment has deepened financial strain on farmers already experiencing months-long payment delays.
Government announced on Thursday, February 12, that the producer price had been adjusted to 41,392 cedis per metric tonne, equivalent to 2,587 cedis per 64-kilogramme bag, representing 90 percent of the achieved free-on-board price of 4,200 United States dollars per tonne. Finance Minister Cassiel Ato Forson stated the measure was designed to cushion farmers against falling global cocoa prices.
Afenyo-Markin, who represents Effutu constituency in parliament, argued that the adjustment worsened conditions rather than providing relief. Farmers previously received 3,625 cedis per bag under rates established in October 2025, meaning the new price represents a reduction of 1,038 cedis per bag.
The opposition leader emphasized that farmers want immediate payment rather than policy discussions, warning that parliament would press the matter in coming days. He stated that every cocoa farmer faces significant financial losses under the revised pricing structure.
Ghana Cocoa Board (COCOBOD) Chief Executive Randy Abbey acknowledged on Friday, February 6, that although COCOBOD has sold over 530,000 tonnes of cocoa for the current season, approximately 50,000 tonnes remain unsold with farmers. He revealed that traditional syndicated funding models had failed, necessitating adoption of hybrid funding approaches to prevent further disruptions.
Payment delays have created severe hardship across cocoa-growing communities. Reuters reported on February 12 that farmers who delivered beans months earlier remain unpaid, forcing some to reduce daily meals. A cocoa purchasing clerk with over 20 years experience described the situation as unprecedented, revealing that farmers who supplied cocoa from November 2025 continuously demand payment for approximately 250 bags still outstanding.
President John Dramani Mahama convened an emergency Cabinet meeting on Wednesday, February 11, to address mounting challenges confronting the sector, including prolonged payment delays, liquidity constraints at COCOBOD, and warnings of potential industry collapse.
The government attributed the price reduction to a sharp decline in global cocoa prices, which halved over the previous year to approximately 4,000 dollars per metric tonne. Ghana’s farmgate price of 58,000 cedis per tonne, equivalent to nearly 5,300 dollars, had depressed demand from international traders, leaving farmers unpaid.
The 2025-2026 season commenced in August 2025 with a producer price of 51,660 cedis per tonne, calculated at 70 percent of a gross free-on-board price of 7,200 dollars per tonne. Following Cote d’Ivoire’s announcement of higher producer prices in October 2025 and exchange rate movements, Ghana revised its farmgate price upward to 58,000 cedis per tonne.
Finance Minister Forson explained that the current adjustment became necessary to reflect world market realities, ensure immediate liquidity injection for expedited farmer payments, and guarantee sector sustainability. He confirmed that despite the reduction, government maintained a high producer share of export earnings at 90 percent of achieved gross free-on-board prices.
The Ghana Cocoa Farmers Alliance of Africa released a statement on February 13 commending government for exploring local solutions rather than seeking International Monetary Fund intervention, as suggested by the parliamentary minority. The alliance described minority calls for external assistance as unacceptable.
Ghana ranks as the world’s second-largest cocoa producer, with the sector supporting hundreds of thousands of rural households while providing critical foreign exchange earnings. The country currently processes between 30 and 40 percent of cocoa beans locally, with government targeting at least 50 percent local processing during the 2026-2027 crop season through revival of state-owned processing company Cocoa Processing Company.
Licensed Buying Companies (LBCs) have experienced operational strain due to financing disruptions, with some scaling back activities or exiting the market entirely, including state-linked Produce Buying Company. Industry analysts emphasize that reliable pre-financing remains critical for maintaining timely purchases and stable export flows.
