Despite Ghana recording nearly double cocoa export earnings in 2025, cocoa farmers are being paid far less than the numbers suggest they should earn, the Institute of Economic Research and Public Policy (IERPP) has said.

According to SIGA's 2025 report cited by IERPP, Ghana's cocoa export earnings shot up from US$1.94 billion in 2024 to US$3.86 billion in 2025 while COCOBOD itself recorded GH¢5.11 billion in earnings within the same period.

At the same time, the realized price which is what Ghana actually received per tonne on the world market increased from US$4,440 to US$5,877.40 up 32.4%.

Yet the farmgate price was set at GH¢2,500 per bag and the IERPP says the numbers do not add up.

In its analysis, contained in a press release, the Institute explains that if the 32.4% increase in realized price is applied proportionally to the previous producer price of GH¢3,100, farmers should have received about GH¢4,104 per bag. 

That is GH¢1,604 more than what was paid.

Even using GH¢3,500 as the benchmark, farmers should have received about GH¢4,634 more than GH¢2,100 above the GH¢2,500 paid.

The institute argues that the government's frequent reference to cedi appreciation from GH¢14.70 per dollar in 2024 to GH¢10.88 in 2025 does not erase the gains. 

In cedi terms, export earnings still grew from GH¢28.52 billion to GH¢42 billion, an additional GH¢13.48 billion.

"IERPP is not claiming that export earnings automatically determine the farmgate price," the statement signed by Executive Director of the institute, Prof. Isaac Boadi, said. 

It added: "Cocoa pricing involves financing, processing, transport and COCOBOD operations. The issue is accountability."

The institute is therefore asking government and COCOBOD to come clean on how the additional value was shared.

It wants a public breakdown of the export earnings, international prices, exchange rate impact, COCOBOD's GH¢5.11bn earnings, its costs, and how the producer price was arrived at.

"Ghana's cocoa farmers deserve mathematics and a clear explanation of where the money went," IERPP said.