Photo source : Etty Fidele on Unsplash
Accra, Ghana —
In a bold move aimed at reversing the sharp decline in cocoa production, Ghana’s Minister for Finance, Dr. Cassiel Ato Forson, has unveiled a government-backed initiative to secure 200,000 hectares of land for large-scale cocoa plantations. This plan is part of a broader strategy to reinvigorate the country’s cocoa sector and restore production levels to the historic milestone of 1 million metric tonnes annually.
Government Targets Recovery of Cocoa Output
The announcement was made during the swearing-in of a new 11-member Board of Directors for the Ghana Cocoa Board (COCOBOD) at the Ministry of Finance. Dr. Forson, who now sits on the board following a new statutory requirement that includes both the Finance Minister and the Governor of the Bank of Ghana, emphasized the urgency of decisive action in the face of dwindling yields, which have dropped to approximately 500,000 metric tonnes in recent years.
“Cocoa remains a cornerstone of our national economy. We must act decisively to rescue and reposition this vital industry,” Dr. Forson stated. He outlined that the government, through COCOBOD, would lead the development of plantation-scale cocoa farms to complement smallholder farmer efforts and create a more resilient, sustainable production model.
Cocoa has long been central to Ghana’s agricultural heritage. Introduced in the 19th century and cultivated commercially by the mid-20th century, it became a major export commodity, prompting the establishment of COCOBOD in 1947 to oversee the industry. Today, Ghana remains the world’s second-largest producer of cocoa beans, following Ivory Coast. Together, these West African nations contribute over 60% of global cocoa supply.
Cocoa Prices Reach Historic Highs
The proposed expansion comes amid a global price rally in cocoa markets. From trading at around $2,000 per metric ton in 2020, prices have climbed to historic highs exceeding $12,000 per ton in 2025. This spike has been driven by a combination of increased demand, climate-related supply disruptions, and aging cocoa farms. Most global cocoa is produced by smallholder farmers working on plots smaller than two hectares, yielding between 600 and 800 kg annually.
The Finance Minister also stressed the need to tackle challenges such as diseased farms—especially in Ghana’s Western Region—which continue to reduce productivity and threaten farmer livelihoods. Dr. Forson pledged robust support from the Finance Ministry to ensure the success of COCOBOD’s strategic reforms.
Ghana’s efforts also align with regional and international sustainability initiatives. Public–private programs like the Cocoa & Forests Initiative (Ghana and Côte d’Ivoire) and Cameroon’s Green Cocoa Landscape Programme aim to promote sustainable intensification, reduce deforestation, and rehabilitate degraded ecosystems.
Photo source : https://x.com/MoF_Ghana The Minister for Finance, Dr. Cassiel Ato Forson
Global Cocoa Market and Processing Landscape
Despite being a relatively small commodity market, cocoa has global economic significance, especially in food manufacturing and retail. More than 3 million tons of cocoa beans are consumed annually in various forms. Europe remains the largest processing region, with the Netherlands alone handling roughly 13% of global grindings. Europe and Russia collectively account for around 38% of the processing market.
With global production expected to exceed 4.5 million tons in the 2023/2024 crop year, Ghana’s strategy to expand cultivation through large-scale farms seeks to secure its position in the global supply chain. The combination of government-backed plantation development and continued support for smallholder farmers will be crucial in rebuilding national output and strengthening rural economies.
