Sabah Zita Benson has called for a balanced and sustainable cocoa pricing strategy to protect farmers while ensuring the financial stability of the Ghana Cocoa Board (COCOBOD).
Speaking at the Africa Cocoa Finance and Investment Forum 2026 hosted by Olam Food Ingredients (Ofi) on Thursday, May 7, 2026, Mrs. Benson said the global cocoa market was entering a critical rebalancing phase, with projected supply surpluses expected for the 2025/26 and 2026/27 cocoa seasons.
According to her, stronger cocoa production from Ecuador and improved growing conditions in parts of West Africa, coupled with relatively weak global demand, have continued to exert downward pressure on international cocoa prices.
She noted that Ghana’s current producer price remains significantly higher than both Côte d’Ivoire’s pricing structure and prevailing international market prices.
“Ghana’s producer price currently remains significantly above both Côte d’Ivoire’s pricing structure and prevailing international market levels; in some cases by more than 1,500 United States Dollars above the Côte d’Ivoire equivalent,” she stated.
While acknowledging that the higher producer price was intended to protect farmers’ incomes, Mrs. Benson cautioned that the disparity could further strain COCOBOD’s finances if corrective measures are not implemented promptly.
She also expressed concern over increasing credit risks during market corrections and the persistent issue of cross-border cocoa smuggling from neighbouring countries, which continues to affect Ghana’s cocoa operations.
Mrs. Benson stressed that the long-term sustainability of Ghana’s cocoa industry must go beyond pricing interventions and focus on productivity enhancement, farmer support systems, sustainability investments, institutional reforms, and improved market competitiveness.
“Let’s focus on adding value and using new technology. The more we process cocoa locally and introduce new ideas into the value chain, the stronger our global position will be,” she said.
She further called for stronger collaboration among government agencies, regulators, industry players, financial institutions, and development partners to secure the future of the sector.
Mrs. Benson commended Olam Food Ingredients (Ofi) Ghana for its 32 years of contribution to Ghana’s agricultural transformation and economic growth, highlighting the company’s investments in cocoa processing, supply chains, and farmer support initiatives.
“In this regard, I commend Ofi for its continued confidence in Ghana, its sustained investment in local communities, and its constructive partnership during one of the most consequential periods facing the cocoa industry in recent years,” she added.
The High Commissioner expressed optimism that with the right policies, responsible leadership, and stronger public-private sector collaboration, Ghana could maintain its leadership in the global cocoa value chain while improving livelihoods for cocoa farmers.
The forum brought together government officials, members of the diplomatic corps, development partners, industry leaders, and business stakeholders to discuss opportunities and challenges confronting the cocoa sector.
By 1960news.com
