Accra: The recent announcement by COCOBOD that it has received over $4 billion in deposits from international buyers for Ghana’s cocoa marks a major shift in how the country finances its cocoa sector. This development is a direct result of a bold decision taken by Dr. Bryan Acheampong, former Minister for Food and Agriculture, during his tenure to end Ghana’s decades-long reliance on syndicated loans.
According to Ghana News Agency, Dr. Acheampong took the decisive step in 2024 to cancel cocoa loan syndication. For over 30 years, Ghana borrowed millions of dollars annually from foreign banks to pre-finance cocoa purchases. A statement copied to the Ghana News Agency in Accra noted that while this system kept the sector afloat, it came at a steep cost, leading to high interest payments, exchange rate risks, and a cycle of dependency that weakened the cedi and drained national resources.
Appointed in 2023, Dr. Acheampong wasted no time in challenging the status quo. In 2024, he made the historic decision to cancel the cocoa syndication loan altogether. During a campaign engagement, he described himself as ‘a bold leader prepared to make difficult but necessary decisions,’ and this move proves it.
The statement explained that instead of borrowing in dollars, Ghana now self-finances its cocoa operations. This has resulted in reduced pressure on the cedi, billions saved in interest payments, keeping more money within Ghana, and greater financial independence, allowing Ghana to pay its farmers without relying on foreign lenders.
Despite global cocoa prices rising, the exchange rate used for Ghana’s calculations-GH?10.25 to US$1-means farmers now earn GH?51,660 per tonne, or GH?3,228.75 per 64kg bag. Comparing that to the previous season under Dr. Acheampong’s leadership, farmers earned US$3,100 per tonne at an exchange rate of GH?16, totaling GH?49,600 per tonne, or GH?3,100 per bag.
In just two years, producer prices moved from GH?800 (2022/23) to GH?1,308 (2023/24), and then GH?2,070 in April 2024, and GH?3,000, a compounded annual growth of 58%. From pre-tenure to the end of Bryan’s tenure, the total increase stood at 287.5%, one of the highest in recent history.
During the 2024 election campaign, the opposition NDC promised cocoa farmers GH?6,000 per bag. This pledge was widely publicized and became a rallying point. However, after assuming office, the NDC government did not deliver. Although they claimed to have fulfilled a 70% FOB share (based on $7,200), the final price announced was GH?3,228.75 per bag, barely half of what was promised.
The statement highlighted that in real terms, the increase under the current administration is just GH?129 per bag-a modest bump, especially considering rising costs in local markets. ‘Dr. Bryan Acheampong’s reform is more than policy-it’s a statement of national pride and economic courage. By ending the cocoa loan syndication, he has freed Ghana from a financial tradition that drained billions and tied the country to foreign lenders.
Dr. Acheampong emphasized, ‘Leadership requires courage. We cannot keep doing the same things and expect different results. The cocoa farmer, and Ghana as a whole, deserves better.’ In less than a year, Bryan Acheampong did what others only talked about. His decision will be remembered as a turning point-a moment when Ghana chose self-reliance, sustainability, and bold leadership.