Ghana’s former finance minister has accused the government of mishandling a growing crisis in the country’s cocoa sector, saying authorities failed to shield farmers from falling global prices despite earlier favourable market conditions.
Mohammed Amin Adam, who previously headed the finance ministry and is now a lawmaker, said current hardships faced by cocoa farmers could have been avoided if stronger financial safeguards had been put in place when international cocoa prices peaked last year.
“Responsible economic management requires building buffers when times are good,” he told supporters in the northern city of Tamale, arguing that the government should have anticipated volatility in the global market.
Adam said authorities missed the opportunity to lock in higher prices through hedging — a financial strategy used to protect against sharp market swings — leaving farmers exposed when prices later declined.
“Hedging allows you to secure favourable prices in advance and reduce the risk of sudden drops,” he said. “Failure to adopt these measures has left farmers vulnerable.”
His remarks come days after Finance Minister Cassiel Ato Forson announced emergency interventions to stabilise the struggling sector, including the immediate payment of arrears owed to farmers and a new producer price of 41,392 cedis ($2,600) per tonne for the remainder of the crop season — down from 58,000 cedis set in October.
The government has blamed the crisis on a sharp fall in world cocoa prices, rising costs and financing challenges at the Ghana Cocoa Board, which oversees purchases and exports.
Adam rejected attempts to attribute the difficulties solely to external factors, urging the current administration to accept responsibility.
“Leadership demands accountability and forward-looking strategies,” he said. “The welfare of cocoa farmers must remain a top priority.”
Cocoa is Ghana’s top agricultural export and a key source of foreign exchange, supporting hundreds of thousands of rural households. But delayed payments, unsold stocks and tightening liquidity at the regulator have fuelled frustration among farmers and raised concerns about output in the world’s second-largest cocoa producer.
The dispute underscores the political sensitivity of the sector, which remains central to the West African nation’s economy and government finances.
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