Mahama’s Government Manipulates Cocoa Pricing: Farmers Lose Ghs 6,000 Per Tonne Under NDC’s False Numbers

Today's announcement by the Finance Minister, Dr. Cassiel Ato Forson, and the NDC government regarding cocoa pricing is political theatre. The grand claims of delivering US$5,040 per tonne—representing 70% of an alleged US$7,200 Free-On-Board (FOB) value—are deliberate distortions that offer no real benefit to Ghanaian cocoa farmers.

The truth is simple: the NDC government is manipulating figures to deceive farmers while pocketing the difference.

Truth Check: Exchange Rate Manipulation

• At the Bank of Ghana interbank market, the mid-rate for USD/GHS as of August 4, 2025, stands at GHS 10.51 per US$1 (Buying 10.5047, Selling 10.5153).
• Yet, the Ministry has intentionally quoted an average exchange rate of GHS 10.25, downplaying the cedi's depreciation to make their numbers look favourable.
• This under-quotation alone reduces real income to cocoa farmers by at least GHS 1.3 per dollar, translating into approximately GHS 6,000 per tonne lost.

This is not a mistake—it is an orchestrated attempt to cheat cocoa farmers under the guise of delivering a “good price.”

World Cocoa Price Is Not US$7,200 — It's Much Higher

• The actual global cocoa price is hovering around US$8,400 per tonne (June 2025 average).
• Cocoa futures and spot markets have traded as high as US$10,000+ per tonne since the global cocoa crisis began in 2024.
• Dr. Forson's claim of a US$7,200 FOB is therefore not only inaccurate but a deliberate attempt to lower the benchmark, so the government's 70% figure appears inflated.

The truth is clear: this government is cherry-picking a low FOB figure to create a false sense of generosity.

Real Farmer Payout Falls Short — The Hard Numbers.

Minister's Claim
US$5,040 per tonne producer price

Actual Market Data
World price ≈ US $8,400/t

Impact on Farmers
Real share: ≈ 60%, not promised 70%

Exchange rate used: GHS 10.25/USD

Official rate: GHS 10.51/USD

Farmers lose roughly GHS 6,000 per tonne

• Using the true exchange rate of GHS 10.51, the price of US$5,040 should convert to approximately GHS 52,900 per tonne, not GHS 51,660 as stated by the Minister.
• Worse still, when aligned with the actual world price of US$8,400, the US$5,040 payout represents barely 60%, not the 70% farmers were promised.

In essence, the Finance Minister's figures are a statistical mirage, designed to deceive hardworking cocoa farmers who deserve far more.

My Message to Cocoa Farmers and Fellow Citizens

1. This government is playing fast and loose with numbers—manipulating FOB figures and exchange rates to create a false narrative of generosity.
2. Farmers deserve transparency, not spin. With global prices nearing US$8,400–10,000 per tonne, paying farmers only US$5,040 is a massive shortchange.
3. True leadership would peg farmer compensation to actual global benchmarks, not invent low figures to give the illusion of fulfilling promises.

Minister's Quotes, Deconstructed
“This increase… represents 70% of the gross Free-On-Board value of $7,200 per tonne.”
“At an average exchange rate of GHS10.25… producer price rises to GHS51,660 per tonne.”

Both statements are built on fabricated assumptions—a suppressed USD/GHS exchange rate and an arbitrarily low FOB price of US$7,200. The facts are undeniable:

• The actual global cocoa price stands at US$8,400 per tonne, well above the government's quoted figure.
• The official interbank exchange rate is GHS 10.51, not GHS 10.25.

These are not clerical errors; they are calculated moves to deprive cocoa farmers of their rightful earnings.

My Call to Action for Dr. Ato Forson and the NDC Government

1. Publish the full cocoa pricing data immediately, including real-time futures market values and forward contracts.
2. Adjust the exchange rate assumptions—payouts to farmers must reflect the current mid-rate of GHS 10.51, not the doctored GHS 10.25.
3. Commit to transparent and publicly audited contracts, ensuring cocoa farmers see the true value of their labour.

Under this administration, cocoa farmers continue to bear the brunt of political propaganda. A payment of US$5,040 per tonne is not a favour—it's a shortchange masked in statistical deception. Worse, the misuse of exchange rate assumptions strips even more value from farmers' pockets.

I am calling for real transparency, not government illusions. Cocoa is Ghana's economic backbone. Its producers deserve more than half-truths dressed up as generosity.

Moses Antwi
Fmr. Vice Chairman, NPP China

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