Accra: President John Dramani Mahama has announced that a new bill will soon be introduced in Parliament to ensure cocoa farmers receive at least 70 percent of the world market price for their produce. He stated that the proposed legislation, expected in the coming weeks, would also require that 50 percent of Ghana's cocoa output be processed locally to add value and create jobs.
According to Ghana Web, President Mahama emphasized that the initiative is crucial for providing farmers with a fairer share of the wealth they generate. The announcement was made at the opening of the 2026 Ghana-European Union Partnership Dialogue in Accra. The bill is part of a broader strategy by the government to transform the agricultural sector, promote industrialization, and improve returns for farmers.
The President also revealed that the Ghana Cocoa Board (COCOBOD) has been given the green light to secure local financing for purchasing cocoa beans for the upcoming crop season. He reiterated the government's commitment to processing at least half of the country's cocoa locally to foster job creation, particularly for the youth.
President Mahama expressed gratitude to the European Union for its ongoing support of Ghana's cocoa sector, particularly in combating cocoa swollen shoot disease and strengthening sustainability systems. He underscored the importance of Ghana benefiting more from its cocoa resources through local processing and industrial development rather than relying heavily on raw bean exports.
He called for a deeper and more strategic partnership between Ghana and the EU, focusing on investment, trade, innovation, and industrialization. President Mahama urged both parties to elevate their cooperation to prioritize trade, investment, and shared prosperity over aid.
On the economic front, he noted that Ghana is showing signs of recovery, citing declining inflation, improved foreign exchange reserves, renewed investor confidence, and increased activity across key sectors. The government is concentrating on building a productive and diversified economy through initiatives like the 24-hour economy policy and the accelerated export development program, aiming to boost production, exports, and job creation for the youth.
Discussing critical minerals and the global green transition, President Mahama stressed the need for Africa to move beyond raw material exports and focus on value addition and industrialization. He warned against the long-standing trend of exporting raw resources while importing finished products.
EU Ambassador to Ghana, Rune Skinnebach, praised Ghana for its resilience and economic recovery, noting the country surpassed several targets under the IMF-supported program despite challenging socio-economic conditions. The EU, through its Global Gateway Strategy, is prepared to support key infrastructure and industrial projects promoting sustainable growth and job creation.
However, Skinnebach highlighted challenges faced by European businesses in Ghana, such as delays in obtaining permits and land titles, bottlenecks in customs clearance, and port operations. He also expressed concerns over the newly introduced e-visa fees for non-African nationals, which could impact business travel, investment, and tourism.
The Ambassador noted the growing security cooperation between Ghana and the EU, describing the recently signed Security and Defence Partnership as a significant milestone, reflecting a shared commitment to multilateralism and addressing global challenges.
Minister of Foreign Affairs, Samuel Okudzeto Ablakwa, described Ghana-EU relations as being at their strongest, citing advances in trade, security cooperation, and sustainable development over the past year. He noted Ghana's achievements as the first African country to formalize a Security and Defence Partnership with the EU and secure Forest Law Enforcement, Governance, and Trade licensing certification for sustainable timber exports. Ablakwa reaffirmed Ghana's commitment to strengthening ties with the EU.