Price Adjustment Painful But Necessary To Sustain Cocoa Sector- COCOBOD CEO
The Chief Executive of the Ghana Cocoa
Board (COCOBOD), Dr. Randy Abbey, has underscored that the recent adjustment in
cocoa producer prices for the remainder of the 2025/2026 crop season, though
difficult, is necessary to safeguard the long-term sustainability of Ghana’s
cocoa sector.
Speaking at a ceremony held at Cocoa House
in Accra to honour three Ghanaian cocoa farmers who excelled in the gold and
silver categories at the prestigious 2025 Cacao of Excellence Awards in the
Netherlands, Dr. Abbey acknowledged the concerns of farmers and emphasised that
their welfare remains central to all policy decisions.
He explained that the adjustment follows
careful consideration of developments on the global cocoa market, particularly
the sustained volatility and downward movements in international prices in
recent months. According to him, while Government, through COCOBOD, fulfilled
its commitment in August 2025 to ensure that farmers received 70 percent of the
Free-On-Board (FOB) price, subsequent market conditions have created
significant financial pressures across the value chain.
“In taking this decision, we have been
guided by the need to strike a careful balance between providing immediate
support to our farmers and ensuring that the cocoa industry remains resilient
and sustainable over the long term,” he stated.
Dr. Abbey further indicated that, despite
the challenging market environment, Government and COCOBOD have continued to
absorb substantial costs over the period to cushion farmers and maintain
relative stability in producer prices. He noted that these efforts reflect a
deliberate commitment to protect farmer incomes while navigating global
uncertainties.
Touching on the broader financial outlook
of the sector, the Chief Executive highlighted the importance of prudent
financial management, referencing existing obligations from past market
interventions. He stressed that while such measures were undertaken to support
farmers, it is essential to manage them responsibly to avoid undue strain on
the sector going forward.
Importantly, Dr. Abbey disclosed that
COCOBOD is actively working on the introduction of new pricing and financing
models aimed at strengthening the sector’s resilience against global market
fluctuations. He explained that these reforms are intended to enhance
predictability in producer pricing, improve financial sustainability, and
ensure that farmers are better protected from extreme volatility in the future.
“These reforms are part of a broader
strategy to reposition the cocoa sector to respond more effectively to changing
global market dynamics, while ensuring that our farmers continue to receive
fair and sustainable returns,” he noted.
He reiterated that the current adjustment
forms part of a wider effort to build a more robust, efficient, and
forward-looking cocoa industry capable of delivering long-term value to farmers
and the national economy.
Dr. Abbey assured cocoa farmers that
COCOBOD remains firmly committed to their welfare and is implementing ongoing
reforms and strategic interventions aimed at improving operational efficiency,
strengthening service delivery, and enhancing productivity across cocoa-growing
communities.
He concluded by commending farmers for
their resilience and continued dedication, reaffirming COCOBOD’s resolve to
work collaboratively with all stakeholders to sustain and grow Ghana’s cocoa
sector for present and future generations.
