SONA25: ‘Ghana will lose $4,000 per ton of cocoa in 2025 due to roll-over contracts’ — Mahama

President John Dramani Mahama has revealed that Ghana will lose $4,000 on every ton of cocoa delivered in 2025 due to contracts rolled over from the 2023/2024 cocoa season.

He explained that during the 2023/2024 cocoa season, COCOBOD was unable to supply 333,767 metric tons of cocoa that had already been sold at $2,600 per ton. The contracts were therefore rolled over into the 2024/2025 season, a situation which would significantly cut revenue.

“This implies that for every ton of cocoa delivered this year, in fulfilment of the rolled-over contracts, COCOBOD and Ghanaian farmers are going to lose $4,000 in revenue,” President Mahama said.

The President made this known when he delivered the State of the Nation Address to Parliament on Thursday, February 27.

Highlighting the country’s debt situation, President Mahama noted that Ghana’s public debt currently stands at GHS 721 billion, with the Electricity Company of Ghana (ECG) and the Ghana Cocoa Board (COCOBOD) also heavily indebted.

“In addition to the public debt, which amounts to a staggering GHS721 billion, several state-owned enterprises are also in debt, including the ECG, which owes GHS68 billion,” he said.

“Ghana Cocoa Board, the hope of cocoa farmers, is also highly indebted. Its balance sheet indicates a total debt of GHS32.5 billion, of which GHS9.7 billion is due to be paid at the end of September 2025,” he added.

President Mahama said his government would work to restructure COCOBOD’s operations and ensure Ghanaian cocoa farmers are no longer shortchanged due to mismanagement.