Accra: President John Dramani Mahama has assured Ghana's cocoa farmers of a comprehensive transformation in the cocoa sector following newly announced government reforms. Presenting his 2026 State of the Nation Address to Parliament, President Mahama highlighted the necessity of revising the producer price of cocoa to ensure competitive pricing and address a GHS32.9 billion financial burden in the sector.
According to Ghana News Agency, President Mahama emphasized that failing to implement these changes would have risked reverting to a severe economic downturn. He expressed understanding of the farmers' concerns and protests but assured them that the reforms would provide a fair and transparent pricing mechanism, allowing farmers to cover production costs and earn reasonable margins.
President Mahama pointed out that sound economic judgment distinguishes between enduring economic hardship and avoiding it. He declared his commitment to making decisions that would promote collective well-being and prevent widespread suffering. Among the reforms, he announced the abolition of nuisance taxes levied between 2017 and 2024, including the E-Levy and Betting Tax.
The President also detailed the comprehensive reform of the Value Added Tax system, which included abolishing the one percent COVID-19 Levy and reducing the effective VAT rate. These fiscal measures have reportedly returned GHS6 billion to Ghanaians, accompanied by a significant reduction in interest rates, which now range between 18 and 20 percent.
According to data from the Ghana Statistical Services, over one million citizens gained employment between the first and third quarters of 2025. The President highlighted that the nation had overcome multidimensional poverty during the same period, with the current account recording a GHS9.1 billion surplus by the end of 2025, driven by robust exports and increased remittances.
President Mahama also announced the official launch of the 24-Hour Economy and Accelerated Export Development Programme, aimed at stimulating round-the-clock economic activity and enhancing productivity across key sectors. The initiative, backed by recent legislative support, is set to boost job creation in agriculture, manufacturing, logistics, and services.
The President concluded by outlining plans for legislation to tighten procurement processes and ensure parliamentary oversight in the leasing or sale of government assets. He reiterated his commitment to learning from past mistakes to prevent future economic hardships for citizens.