Cocoa Bean Monthly Update (Ghana) 2026-02

Atlas Commodities Limited has refuted claims that it operates without its own warehouses, confirming it maintains registered and rented depots in key cocoa-growing areas including Ashanti, Eastern, Western, and Central regions. The company emphasized compliance with the 2015 Regulations and Guidelines for Internal Marketing of Cocoa, highlighting tenancy agreements and verifiable records with COCOBOD and the Quality Control Company. While acknowledging a temporary use of a Produce Buying Company (PBC) depot in Hohoe in December 2025 to prevent cocoa smuggling, Atlas described this as an isolated district-level arrangement. The firm also holds Rainforest Alliance sustainability certifications, underscoring adherence to industry standards. Despite these clarifications, concerns persist regarding private firms’ access to state infrastructure and regulatory compliance in the cocoa sector.

Ghana’s government has reduced the cocoa producer price to GH¢41,392 per tonne (GH¢2,587 per bag) for the remainder of the 2025/2026 crop season, a move described by President John Dramani Mahama as difficult but necessary to maintain the long-term stability of the cocoa sector. The price cut aims to address financial challenges facing the industry while sustaining growth and protecting Ghana’s status as a leading global cocoa producer. Although the reduction may impose short-term strain on farmers, it is part of broader economic measures to safeguard the sector’s future and ensure collective well-being.

Ghana’s 2026 State of the Nation Address showcased significant economic recovery, including reduced inflation, a stronger cedi, and a decline in public debt, largely supported by gold exports formalized through the Ghana Gold Board. However, the government faces urgent pressure to intensify anti-corruption efforts, with the public demanding visible justice against officials who abused public trust. Additionally, the address highlighted the escalating threat of high-tech illegal mining (galamsey), which is severely damaging cocoa farms, water bodies, and agricultural productivity. Current enforcement measures have been insufficient, prompting calls for a targeted state of emergency in critical mining hotspots to protect environmental and economic stability. The address emphasized that sustainable macroeconomic progress depends on integrating ecological governance to safeguard Ghana’s agri-food resources and long-term economic security.

Atlas Commodities Limited has denied allegations of exploiting the public office of its founding CEO, Ato Boateng, to gain unfair access to state-owned Produce Buying Company (PBC) infrastructure or financial advantage. The company highlighted that its commercial agreements with PBC, including a Memorandum of Understanding and a Sustainability Cooperation Agreement signed in October 2023, predate Boateng’s appointment as Deputy Chief Executive at COCOBOD in February 2025. Atlas acknowledged temporary use of PBC depot facilities in December 2025 was authorized at the district level within existing operational relationships. Boateng resigned from Atlas and placed his shares in a blind trust before assuming public office, with no involvement in company management thereafter. The company emphasized that Boateng’s COCOBOD role does not oversee Licensed Buying Companies, negating conflict of interest claims, and expressed confidence that a thorough review would clear the allegations.

President John Dramani Mahama announced significant reforms in Ghana's cocoa sector aimed at transforming the industry through competitive pricing and resolving a GH¢32.9 billion government debt. These reforms are expected to provide cocoa farmers with fair and transparent prices that cover production costs and ensure decent margins. The government also introduced fiscal reforms, including VAT adjustments and abolition of nuisance taxes, which have collectively returned GH¢6 billion to citizens and contributed to a strengthened external position with a current account surplus of GH¢9.1 billion by December 2025. Robust growth in gold, cocoa, and non-traditional exports, alongside increased remittances, underpinned this economic improvement. Additionally, the launch of the 24-Hour Economy and Accelerated Export Development Programme aims to enhance productivity, deepen value chains, and create quality jobs in agriculture and related sectors.

Ivory Coast and Ghana, which produce half of the world’s cocoa, are facing significant challenges due to ample global harvests, falling cocoa prices, and reduced demand from chocolate manufacturers. Fixed farmer prices set last October were significantly higher than current world futures prices, leading to unsold stockpiles and delayed payments to farmers. In response, Ivory Coast plans to lower its fixed price by about a third starting March 1 and has launched a program to buy unsold cocoa stocks, while Ghana has already cut its fixed price by nearly a third. The global cocoa market is experiencing a surplus of 300,000-400,000 tons this season, driven by favorable weather and demand contraction as chocolate makers reduce cocoa content and substitute ingredients. Cocoa remains a critical export commodity, accounting for nearly 40% of Ivory Coast’s and 15% of Ghana’s export revenues, with millions of smallholder farmers dependent on the crop for their livelihoods.

Ivory Coast has resumed cocoa sales for the 2025/26 season following an adjustment in its pricing strategy, ending a months-long dispute with international buyers. The country’s Coffee and Cocoa Council (CCC) reduced or removed the “country premium” to better align with global market prices after exporters rejected the fixed farmgate price of 2,800 CFA francs per kilogram amid a 50 percent drop in global cocoa prices. The standoff had left over 200,000 metric tons of cocoa unsold, raising concerns about spoilage and supply chain disruptions. In January 2026, the CCC intervened by purchasing 100,000 tons of unsold beans for $500 million and secured an additional 200,000 tons for processing. Despite the resumption of trade, challenges persist due to weak global demand and storage risks that could impact cocoa quality.

Ghana’s licensed cocoa buyers owe banks between $650 million and $750 million, creating liquidity challenges for the financial sector amid consecutive poor harvests caused by crop disease and adverse weather. The global cocoa price slump, driven by weak demand and surplus supply from Ghana and Ivory Coast, has exacerbated the situation. Buyers have resorted to bank loans to prefinance purchases due to Cocobod’s diversion of funds to non-core activities, accumulating significant debts to both banks and farmers. The government has responded by reducing the fixed producer price for cocoa and proposing a financing scheme to inject cash into the sector. Cocoa deliveries to Cocobod reached around 580,000 metric tons this season, with payments still pending, while 70,000 metric tons remain unharvested. Ghana’s banking system, already weakened by the 2023 domestic debt restructuring, faces pressure but remains resilient under careful management aligned with the IMF program.

Damata Ama Appianimaa Salam, MP for Afigya Kwabre South, urged the government to reverse the recent cocoa price cut from 3,600 cedis, highlighting its negative impact on farmers and the wider economy. She criticized the National Democratic Congress government's decision, emphasizing that previous administrations prioritized farmers' welfare. Additionally, she called for measures to reduce high electricity tariffs, which are burdening Ghanaians, especially farmers. The MP also recommended that the government and COCOBOD absorb the cocoa sector's debt instead of transferring it to farmers, stressing the need to alleviate the financial strain on agricultural producers.

Ghana’s rising electricity tariffs and falling cocoa prices are largely outcomes of IMF agreements and COCOBOD’s forward sales policies established during previous administrations, rather than the actions of the current government. The forward sales strategy contributed to financial instability within COCOBOD, leading to a price reset that has disadvantaged Ghanaian cocoa farmers compared to Ivory Coast, which has protected its farmers and reduced cross-border smuggling. The article emphasizes that these challenges are structural and inherited, calling for responsible leadership focused on solutions rather than political blame-shifting to support the agri-food sector and its stakeholders.