Where did the cocoa money go? IERPP challenges GH¢2,500 producer price amid US$3.86bn export earnings

The Institute of Economic Research and Public Policy (IERPP) is raising concerns over the discrepancy between Ghana's soaring cocoa export earnings and the low producer price paid to farmers. In a recent press statement, IERPP highlighted that cocoa export earnings jumped from US$1.94 billion in 2024 to US$3.86 billion in 2025, a 99.2% increase. Similarly, the realised cocoa price rose from US$4,440 per tonne in 2024 to US$5,877.40 per tonne in 2025, a 32.4% hike.

IERPP questioned why farmers only received GH¢2,500 per bag, despite these price increases. The Institute calculated that a 32.4% increase in the international price should translate to approximately GH¢4,104 per bag. They also found a larger disparity when using a GH¢3,500 producer price benchmark, which would be roughly GH¢4,634 per bag – over GH¢1,604 more than the actual payment.

IERPP acknowledged that cocoa pricing involves many factors beyond export earnings and international prices, such as processing, transportation, marketing, COCOBOD operations, and other deductions. However, they emphasized their concern about the lack of transparency in how the significant revenue from cocoa exports and COCOBOD earnings is distributed among stakeholders.

The Institute urged the government and COCOBOD to provide a detailed breakdown of how export earnings, exchange rates, COCOBOD revenues, and producer-price calculations ultimately affect farmer payments.