It’s not the first time the cocoa price has been slashed in Ghana, In 1962 same thing happened under Kwame Nkrumah – Wallas Ababio defends NDC Gov’t
Wallas Ababio, speaking on behalf of the National Democratic Congress government, addressed the controversy surrounding the government’s decision to slash the cocoa producer price for the current 2025/26 season.
The price cut, a substantial reduction from the previously announced rate, has sparked debate across Parliament and cocoa-growing communities.
Ababio pointed out that this mid-season adjustment is not the first of its kind in Ghana since 1962, when a similar reduction happened under the administration of Kwame Nkrumah, underscoring the rarity of such a move in the country’s cocoa pricing history.
The price cut, reducing the farmgate rate from GH¢3,625 to GH¢2,587 per 64-kilogram bag, was announced in February 2026 in response to a sharp downturn in global cocoa prices and the need to restore competitiveness and liquidity within the sector.
Analysts say the adjustment reflects international market realities where cocoa futures have fallen significantly, halving over the last year and weakening demand for Ghana’s beans.
Ababio defended the government’s action, saying that aligning the farmgate price more closely with global benchmarks was necessary to reinvigorate demand and prevent further accumulation of unsold stocks. He argued that without such a recalibration, the liquidity crisis facing the Ghana Cocoa Board (COCOBOD) could worsen, potentially undermining the sector’s long-term sustainability.
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