Unpaid since November: Cocoa farmers face growing hardship
Some cocoa farmers across Ghana say they are yet to be paid for beans sold as far back as November 2025, leaving many unable to meet basic living costs.
Farmers who spoke to JoyNews Research in several cocoa-growing areas said payments for deliveries made months ago remain unpaid, despite repeated assurances from the Ghana Cocoa Board (COCOBOD). One farmer described the delay as unprecedented in his experience.
Others complained that some licensed buying companies (LBCs) have become unreachable. “Some buyers have switched off their phones, and we have no idea when we will be paid,” one farmer said.
In October 2025, Ghana set its farmgate price at GH¢58,000 per metric tonne (about $4,640), a 12 percent increase. However, global cocoa prices are currently hovering around $4,700 per tonne, narrowing margins and further straining COCOBOD’s ability to meet payment obligations under the revised pre-financing system.
The restructured financing model, introduced for the 2024/2025 season, transferred responsibility for pre-financing cocoa purchases from COCOBOD to international traders.
Sources cited by Reuters say stronger-than-expected production, combined with traders’ reluctance to pay upfront deposits of at least 60 percent on forward contracts, has resulted in a large stockpile of unsold cocoa beans, though the exact volume is unclear.
Under the new system, farmers sell cocoa to licensed buying companies, which then supply COCOBOD. COCOBOD, through its marketing arm, sells the beans to international buyers. Previously, COCOBOD raised funds through syndicated loans and disbursed them to LBCs to finance purchases from farmers.
However, funding has been constrained since the 2023/2024 season after rising interest rates and concerns about delivery risks made lenders cautious.
Industry sources say falling international prices have made it harder for COCOBOD to secure advance payments, forcing the government to step in to provide support. Farmers say they are bearing the brunt of the situation.
Ghana is estimated to lose between 100,000 and 150,000 metric tonnes of cocoa annually to smuggling, and there are fears that persistent payment delays could worsen the problem in the next season.
Despite these challenges, Bank of Ghana data show cocoa export earnings have more than doubled year-on-year, reaching nearly $4 billion, the highest level since the COVID-19 pandemic.
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