Accra, Ghana – May 7, 2025 — Dr. Ransford Anertey Abbey, the Acting Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has indicated that cocoa prices may experience an increase by August this year. This projection is attributed to global market trends and supply challenges affecting the cocoa industry.
Speaking at a recent stakeholders’ forum in Accra, Dr. Abbey emphasized that the cocoa industry is currently facing significant pressure due to decreased global supply. Ghana, one of the world’s top cocoa producers, has experienced production shortfalls largely due to adverse weather conditions and disease outbreaks such as the swollen shoot virus.
“These challenges have reduced cocoa output across the board, not just in Ghana but also in other major producing countries like Côte d'Ivoire,” Dr. Abbey noted. “With global supply tightening and demand remaining strong, it is likely that cocoa prices will continue on an upward trajectory. By August, we anticipate seeing a notable adjustment in pricing.”
The potential price hike could benefit cocoa farmers, who have long called for better compensation for their produce. Dr. Abbey assured that any increment will be aimed at improving the livelihoods of farmers while ensuring sustainability in the cocoa sector.
Earlier this year, cocoa prices hit record highs on the international market, sparking renewed interest in long-term investments in cocoa farming and infrastructure. Analysts expect the trend to persist through the third quarter of the year.
COCOBOD says it will continue to monitor international market dynamics closely and work with government agencies to determine the appropriate producer price adjustments in the coming months.
Dr. Abbey, who was appointed as Acting CEO of COCOBOD in January 2025, brings a diverse background in media and sports administration to his role. Prior to his appointment, he served as the host of Metro 1 "Good Morning Ghana" and held positions within the Ghana Football Association. His leadership is expected to steer COCOBOD towards innovation and sustainability in the cocoa sector.
For further updates on cocoa pricing and COCOBOD initiatives, stay tuned to official communications from the Ghana Cocoa Board.
