Cocoa Debt Crisis: This is not only about international market prices – Miracles Aboagye
New Patriotic Party (NPP) communicator Dennis Miracles Aboagye, Dennis Miracles Aboagye has rejected the government’s explanation of the current debt crisis at COCOBOD, claiming that the crisis stems from indecision rather than market dynamics or debt obligations alone.
Speaking in an interview on JoyNews on Sunday, Miracles Aboagye challenged the narrative that cocoa debt and international market conditions led to the price cut from GH¢3,100 to about GH¢2,500 per bag, arguing that poor trading decisions by the management of COCOBOD are the true reasons behind the current situation.
“First of all, let’s put it on record, the current situation is not entirely as a result of the market international market price,” he declared. “The current situation has a lot more to do with government’s own indecision in the trade because there are few misrepresentations that the COCOBOD CEO has attempted to do.”
He questioned whether cocoa debt would have been cited as justification for price reductions if COCOBOD had sold cocoa beans when prices peaked at $11,000 to $13,000 per metric ton between October 2025 and January 2026.
“Assuming COCOBOD had sold all the cocoa beans when the price peaked at $11,000, sometimes $13,000, would cocoa debt be the reason why prices will go down?” Aboagye asked, highlighting what he described as a fundamental flaw in the government’s explanation.
Miracles Aboagye traced the debt issue back to past NDC administrations, arguing that successive NPP governments managed similar challenges without reducing producer prices. He claimed that that the NDC government secured a $1.8 billion syndicated loan in 2016 which was reportedly “cleaned out” without supplying the full metric tons of cocoa agreed upon.
“This NDC government who is talking about debt is largely responsible for the cocoa debt. Why? Because you remember this government took a syndicated loan of $1.8 billion in 2016 and by the time they were leaving office by 30th December, the entire $1.8 billion had been squandered by them without supplying the cocoa,” he claimed. “In fact, $400 million was spent between December 7th and 30th December.”
He emphasized that when the NPP inherited this situation in 2017, they maintained cocoa prices at GH¢475 despite price reductions on the international market international price drops, adding that the current price reduction has broken away from 136 years of cocoa trading history in Ghana, where successive governments always found ways to protect farmers from market pressures.
“This has never happened in the 136 years of Ghana dealing in cocoa. It has never happened that cocoa farmers have seen a decrease in cocoa price. Like it’s never happened, all governments, all successive governments always had a way of cushioning cocoa farmers,” he stressed, warning that the government’s plan to link producer prices directly to spot market prices will set a dangerous precedent.
“Basically, what they are saying now is that we would work with the market dynamics. Today it’s about $3,600 on the international market and you are giving it to them at GHC2,500 Ghana cedis. So, if it comes to $2,100, what should they expect?”
The NPP communicator maintained that COCOBOD’s debt – accumulated from its “off-takers” business model, should not impact producer prices for farmers.
“The cocoa farmer should not be affected by any debt whatsoever from COCOBOD. The reason is that COCOBOD’s business is simply; to come and buy the cocoa, go to the market, go and negotiate, sell, government will keep about 30% and bring 70% at least to the cocoa farmer,” he explained.
“So, if COCOBOD decides that their 30% they are going to use it for roads, it shouldn’t come and affect the cocoa farmer’s 70%. That should be your debt but anytime you lift my cocoa and you go and sell, bring me 70%.”
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