The Ghana Cocoa Board (COCOBOD) has strongly defended its cocoa pricing regime, insisting that Ghana currently offers the highest farmgate price for cocoa in West Africa, contrary to reports suggesting otherwise.

In a press statement issued on Wednesday, August 20, the regulator stressed that accurate market data clearly shows Ghanaian farmers are receiving significantly better prices compared to their counterparts in Côte d’Ivoire, the world’s top cocoa producer.

According to COCOBOD, the official producer price in Ghana stands at ₵3,228.75 per 64kg bag, which is equivalent to ₵51,660 per tonne (US$5,040/MT). This compares with Côte d’Ivoire’s ₵2,553.38 per 64kg bag, translating to ₵40,854 per tonne (US$3,886/MT).

The figures mean Ghanaian farmers are benefitting from a substantial price advantage of ₵675.38 more per bag (US$64.16) and ₵10,806 more per tonne (US$1,154).

“This is not a matter of interpretation — it is a matter of fact,” COCOBOD declared. “On every key metric, Ghanaian farmers are earning more.”

Key comparisons released by COCOBOD include:

• Per kilogramme: Ghana – ₵51.65 (US$5.04) | Côte d’Ivoire – ₵40.85 (US$3.89)
• Per 64kg bag: Ghana – US$315 | Côte d’Ivoire – US$227
• Per tonne: Ghana – US$5,040 | Côte d’Ivoire – US$3,886

The Board explained that the strategy is part of a deliberate pricing policy designed to protect farmers from global market volatility, cushion them against local currency fluctuations, and discourage smuggling across the country’s porous borders.

“This pricing policy reflects COCOBOD’s unwavering commitment to ensuring fair and rewarding returns for farmers’ hard work,” the statement said.

Beyond protecting incomes, COCOBOD believes the move will strengthen Ghana’s leadership in the global cocoa industry, ensuring that the country remains not just the gold standard for quality beans but also a benchmark for farmer welfare.

“Ghana’s cocoa remains the global benchmark for quality, and now, backed by the highest farmgate price in West Africa, it also guarantees better livelihoods for our farmers,” the regulator concluded.