Main points
- Ghanaian President John Mahama has called an emergency cabinet meeting due to a sharp drop in global cocoa prices, which has led to a temporary suspension of purchases of beans from farmers.
- As a result of the halt in purchases, Ghana has accumulated about 150,000 tons of cocoa, and the government is discussing the possibility of introducing subsidies for farmers.
Emergency meeting over cocoa / Photo Pixabay
Ghanaian President John Mahama has called an emergency cabinet meeting amid a sharp drop in global cocoa prices, causing the country to temporarily suspend purchases of beans from farmers.
Ghana holds emergency meeting over cocoa market crisis
The president of Ghana, the world's second-largest cocoa producer, John Mahama, has called an emergency cabinet meeting to discuss the crisis in the industry, Bloomberg reports. According to the Minister of Government Communications, Felix Kwakye Ofosu, the meeting will consider all issues affecting the cocoa sector.
This year, the government paid producers 58,000 cedis ($5,278) per tonne of cocoa beans. However, after cocoa futures in New York fell to about 30 percent below the domestic price, the government suspended purchases. The industry regulator is in talks with the finance ministry on possible solutions, including subsidies for farmers.
The halt in purchases has left producers with a backlog of about 150,000 tonnes of cocoa. The Ghana Cocoa Board had earlier purchased 500,000 tonnes of the planned 650,000 tonnes for the 2025-2026 season. After a three-day decline, futures prices in New York rose 1.3 percent to $3,941 per tonne.
Cocoa is one of Ghana's top three foreign exchange earners, with exports worth $3.9 billion last year, more than double the 2024 figure. The sector employs more than 800,000 farmers.
Please note! The cocoa market in Ghana is strictly regulated: the state agency Cocobod settles accounts with both local and international licensed companies that supply beans to port warehouses.
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The price of coffee in Ukraine has increased by an average of 75.6 hryvnias per month, and a 210-gram Nescafe Gold costs about 686.8 hryvnias.
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Vegetables, fruits, cereals, and vegetable oil are also becoming more expensive due to logistical difficulties, storage problems, and reduced supply on the market.