The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has responded to criticism over the recent increase in the producer price of cocoa.
The government of Ghana announced a major increase in the producer price of cocoa for the 2025/2026 season, raising it from US$3,100 to US$5,040 per tonne – a 62.58% increase in dollar terms on Monday, August 4, 2025.
According to the government, the new gross FOB value was calculated using outstanding contracts for 100,000 tonnes sold at US$2,600 per tonne in the 2023/2024 crop season, as well as forecasts for the upcoming season.
At an average exchange rate of GHS10.25 to US$1, the new producer price in cedi terms is GHS51,660 per tonne, up from GHS49,600, which translates to GHS3,228.75 per 64kg bag.
Some critics have argued that the increase is not substantial enough, citing that the new price translates to only a small increment in the amount farmers receive per bag.
COCOBOD CEO Dr. Randy Abbey was questioned about the increment by Moro Awudu when he appeared on Metro TV’s Good Morning Ghana on Tuesday, August 5, 2025.
“Before you made this adjustment, the farmer was taking about 49,000 Cedis, that’s 64 kg. Now you’ve increased it to some 50 something thousand. What it means is that, really and truly, the increment is some 100 and something Cedis increment,” Moro Awudu argued.
Dr. Abbey, however, dismissed the criticism, saying that those making such comparisons are either uninformed or deliberately trying to mislead the public.
“You don’t do a comparison of 3,100 Cedis to 3,220 something Cedis. Those who make that comparison know what they are about,” Dr. Abbey stated.
According to Dr. Abbey, farmers are not naive and understand the dynamics of the cocoa industry.
“Farmers are not daft. The farmers, many of them are more knowledgeable than us. They are more strategic than us,” he said.
Dr. Abbey also emphasized the importance of a stronger currency, noting that a weaker currency would not benefit Ghana.
“If the exchange rate was 16, it would be 80,600 Cedis. So ask yourself, is Ghana better off with a stronger currency or a weaker currency? I think the answer is obvious,” Dr. Abbey said.
The COCOBOD CEO expressed confidence that farmers understand the current situation and the efforts being made to improve their livelihoods.
“The farmers are aware that His Excellency the President [John Dramani Mahama] has provided them a subsidy for the period of the 24-25 season that the exchange rate, the Cedi gained strength over the US dollar. They know that,” Dr. Abbey added.
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