Ghana launches technical committees to boost cash crop financing 

GHANA – Ghana has inaugurated three Technical Committees to design new financing frameworks for cocoa, oil palm, and other strategic economic crops as part of efforts to close long-standing funding gaps in the agriculture sector. 

The initiative, spearheaded by the Minister for Finance, Dr. Cassiel Ato Forson, seeks to strengthen support for cash crops, which remain central to Ghana’s economic transformation.  

The first of the committees, the Technical Committee on Agriculture Financing, has been tasked with developing a comprehensive policy framework for crop financing within three weeks. Members include representatives from the Ministry of Finance, Bank of Ghana, EXIM Bank, GIRSAL, and the Development Bank of Ghana. 

Two additional committees, the Oil Palm Project Committee and the Cocoa Project Committee, were also inaugurated. Their membership is drawn from the Ministry of Food and Agriculture, Ministry of Trade and Industry, Ghana Cocoa Board (COCOBOD), Tree Crops Development Authority, Forestry Commission, and the Environmental Protection Authority. 

Dr. Forson explained that the committees are expected to provide practical solutions that enhance access to credit, increase productivity, and ensure sustainability along the agricultural value chain. He emphasized that securing financing for key crops is critical to driving growth and achieving broader economic development goals. 

Cocoa, Ghana’s most important cash crop, remains the backbone of the agricultural sector. However, exports of cocoa beans dropped by more than half in 2024, falling from 533,057 tons in 2023 to 261,248 tons. Processed cocoa product exports also declined, from 240,897 tons in 2023 to 192,429 tons in 2024. 

Despite reduced volumes, total cocoa export receipts increased by 37.5 percent, climbing from US$1.26 billion in 2023 to US$1.73 billion in 2024, largely due to higher global prices and stable demand for value-added products.  

Cocoa accounted for 14.47 percent of Ghana’s total foreign exchange earnings of US$11.99 billion in 2024. 

Recently, COCOBOD announced a 62.58 percent increase in the producer price of cocoa to US$5,040 per tonne for the 2025/2026 season, up from US$3,100.  

The adjustment aligns with President John Mahama’s pledge to raise farmers’ share of export earnings to at least 70 percent of the Free-On-Board (FOB) value. 

Forson confirmed that cocoa purchases for the new season will continue to be financed through syndicated loans, a long-standing practice that supports timely payments to farmers. 

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