Minister of Finance, Cassiel Ato Forson, has revealed the government’s plans to acquire 200 hectares of land for plantation farms to complement the efforts of smallholder farmers and help restore cocoa production to 1 million metric tonnes.
He made this announcement after being inaugurated as a member of the Board of Directors of the Ghana Cocoa Board (COCOBOD), which is chaired by the former National Chairman of the National Democratic Congress (NDC), Samuel Ofosu Ampofo.
“As part of bold measures to restore the sector, the government will acquire about 200,000 hectares of land for plantation farms. This initiative is aimed at complementing the tireless efforts of our smallholder farmers and restoring production to the 1 million metric tonne mark,” he stated.
In 2024, cocoa production hit its lowest level since the 2011/2012 season, recording just 550,000 metric tonnes. This marked an 11% decline, which also saw export earnings drop to $1.69 billion — a significant shortfall compared to the $2 billion benchmark.
Dr. Forson praised the expertise of the new board members and assured stakeholders of pragmatic steps to reverse the downward trend in cocoa production.
He emphasized the critical role cocoa plays in Ghana’s economy and pledged the full support of the Ministry of Finance to help COCOBOD turn things around, noting that the country is currently struggling to maintain an average production of 800,000 metric tonnes.
“I assure the new board and the entire cocoa value chain of the Ministry of Finance’s full support as we work to reposition COCOBOD as a cornerstone of Ghana’s economic recovery and growth agenda.The road ahead will be tough — but together, we will rebuild and reclaim cocoa’s rightful place as the jewel of our economy,” he added.
In 2024, cocoa production hit its lowest level since the 2011/2012 season, recording just 550,000 metric tonnes. This marked an 11% decline, which also saw export earnings drop to $1.69 billion — a significant shortfall compared to the $2 billion benchmark.
Ghana’s cocoa production reached a record high of 1 million metric tonnes in 2021, contributing approximately GH₵3.1 billion and accounting for about 10% of the country’s Gross Domestic Product (GDP).