Ghana cocoa export earnings surge as farmers' pay remains flat

The Institute of Economic Research and Public Policy (IERPP) is calling for a transparent accounting of Ghana’s cocoa revenues following a massive surge in export earnings. According to data from the State Interests and Governance Authority (SIGA), Ghana’s cocoa export earnings nearly doubled from US$1.94 billion in 2024 to US$3.86 billion in 2025.

Despite this 99.2% increase in export earnings and a 32.4% rise in the average realized price per tonne (from US$4,440 to US$5,877.40), the farm-gate price paid to producers remained stagnant at GH₵2,500 per bag.

IERPP researchers noted that while a stronger cedi in 2025 partially offset dollar-denominated gains, a significant gap remains. By applying the 32.4% international price increase to previous producer price benchmarks, the Institute estimates that farmers should have received between GH₵4,104 and GH₵4,634 per bag, leaving a discrepancy of approximately GH₵1,604 to GH₵2,100 per bag.