Accra: Despite Ghana recording nearly double cocoa export earnings in 2025, cocoa farmers are being paid far less than the numbers suggest they should earn, the Institute of Economic Research and Public Policy (IERPP) has said. The Institute says it is not making a political argument but a mathematical one.
According to Ghana Web, SIGA's 2025 report cited by IERPP shows that Ghana's cocoa export earnings increased significantly from US$1.94 billion in 2024 to US$3.86 billion in 2025. Additionally, COCOBOD itself recorded earnings of GHS5.11 billion within the same period. The realized price, or what Ghana actually received per tonne on the world market, climbed from US$4,440 to US$5,877.40, marking a 32.4% rise. However, the farmgate price was set at GHS2,500 per bag, and IERPP argues that these figures do not align.
In its analysis, contained in a press release issued today, the Institute explains that if the 32.4% increase in realized price is applied proportionally to the previous producer price of GHS3,100, farmers should have received about GHS4,104 per bag. This represents GHS1,604 more than what was actually paid. Even using GHS3,500 as the benchmark, farmers should have received approximately GHS4,634, which is over GHS2,100 more than the current payment of GHS2,500.
The Institute argues that the government's frequent reference to cedi appreciation-from GHS14.70 per dollar in 2024 to GHS10.88 in 2025-does not negate the gains. In cedi terms, export earnings still grew from GHS28.52 billion to GHS42 billion, an incremental GHS13.48 billion.
"IERPP is not claiming that export earnings automatically determine the farmgate price," the statement signed by Executive Director Prof. Isaac Boadi said. "Cocoa pricing involves financing, processing, transport, and COCOBOD operations. The issue is accountability."
The Institute is therefore urging the Government and COCOBOD to clarify how the additional value was distributed. It calls for a public breakdown of export earnings, international prices, exchange rate impact, COCOBOD's GHS5.11 billion earnings, its costs, and how the producer price was determined.
"Ghana's cocoa farmers deserve mathematics and a clear explanation of where the money went," IERPP said.