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.
Story by: George Osei-Akoto Addae (Teacher Kojo) #ahotoronline.com/oseiakotor1@gmail.com