Business
No Buyers for Ghana’s Overpriced Cocoa: 70,000 Tonnes Stranded
Nearly 70,000 metric tonnes of Ghanaian cocoa beans are stranded at ports and warehouses with no buyers, as international traders reject the country’s expensive beans in favor of cheaper alternatives from other origins.
Finance Minister Dr. Cassiel Ato Forson made the revelation on Thursday, February 12, 2026, during a press conference to announce emergency measures to save the country’s crisis-hit cocoa sector.
The nearly 70,000 tonnes of stranded cocoa include approximately 50,000 tonnes of unsold stocks already at port and additional volumes from the ongoing mid-crop harvest that buyers have declined to purchase. Licensed Buying Companies (LBCs) estimate that emergency financing is urgently needed for as much as 300,000 tonnes of beans across the supply chain.
“The current situation is largely driven by the unwillingness of buyers to purchase Ghana’s cocoa because it has become uncompetitive and very expensive,” Dr. Forson told the press conference Thursday. “Cocoa from other producing countries is now selling at a price significantly lower than that of Ghana’s producer price.”
The Price Trap
The crisis stems from a catastrophic collapse in global cocoa prices. After trading near $13,000 per tonne on the New York exchange in December 2024, prices fell to between $5,000 and $6,000 a year later and have since hovered around $4,000 per tonne.
Yet Ghana’s farmgate price—adjusted upward in October 2025 to 58,000 cedis per tonne (approximately $5,281 at the time) to compete with Ivory Coast and prevent smuggling—left the country’s beans priced far above the world market.
“The buyers now find our beans as too expensive, and therefore they have shifted to other markets where they can get the beans far cheaper, because these are business decisions,” COCOBOD CEO Dr. Ransford Abbey explained at a press conference last week.
While Ghana has successfully sold approximately 530,000 tonnes since the season began, the remaining stocks have become commercial orphans.
Collateral Damage: Farmers and Clerks
The buyer strike has triggered a cascading liquidity crisis. COCOBOD, unable to sell the beans, cannot pay Licensed Buying Companies, who in turn cannot pay farmers. Some farmers have not received payment since November 2025.
The Licensed Cocoa Buyers Association of Ghana (LICOBAG) reports that frustrated farmers have begun detaining and arresting purchasing clerks—the front-line workers who collect beans at the farmgate.
“This shift has resulted in a total liquidity vacuum where Licensed Buying Companies (LBCs) are forced to borrow from local banks at interest rates as high as 29.8 per cent to cover 60 per cent of purchases,” said Vitus Dzah, General Secretary of LICOBAG. “This delay in payment has created a dangerous bottleneck” .
Dr. Forson confirmed reports of “farmers detaining purchasing clerks over unpaid cocoa” and acknowledged that the crisis has forced many farming families to limit meals and withdraw children from school.
Price Cut and Farmer Cushion
Effective Thursday, the Producer Price Review Committee slashed the producer price from 58,000 cedis per tonne to 41,392 cedis per tonne—a 28.6 percent reduction. Farmers will now receive 2,587 cedis per bag.
In a deliberate political gesture, Dr. Forson insisted farmers receive 90 percent of the achieved gross FOB price of $4,200 per tonne, far exceeding the 70 percent minimum floor proposed in upcoming legislation.
“Unfortunately in the past when prices of world market price of cocoa moved up, unfortunately the cocoa farmer did not benefit,” the Minister said. “Never again should this practice be allowed to persist. Never again.”
Regional Contagion
Ghana is not alone. Neighbouring Ivory Coast announced on January 20 it would purchase 123,000 tonnes of unsold cocoa from production zones for 280 billion CFA francs ($508 million) . The two countries, which together produce nearly 60 percent of the world’s cocoa, face synchronized crises stemming from the same price collapse.
Path Forward
The government’s strategy hinges on redirecting the stranded beans to domestic processors. Cabinet has directed that the remainder of the 2025/26 crop be allocated entirely for local processing, with a mandated minimum of 50 percent domestic processing from next season.
Whether domestic processors have the capacity—and working capital—to absorb 70,000 tonnes of expensive beans in the coming weeks remains an open question.
Business
Mahama Vows to Continue Austerity, Fiscal Discipline Even After Ghana Exits IMF Program
TAMALE – President John Dramani Mahama has signaled that Ghana will maintain strict fiscal discipline even after the country’s current International Monetary Fund program concludes in May, saying that responsible spending management must continue regardless of external oversight.
The President made the remarks on Sunday during a “ResettingGhana” citizens’ engagement at the University for Development Studies in Tamale, where he addressed concerns about the economy’s trajectory following the exit from the IMF program.
“It is not because of the IMF. We must be able to maintain fiscal discipline so that we are able to save resources to invest in the things that are important to our people,” Mahama said.
The President noted that inflation, which stood above 24 percent when his administration took office, had been brought down to under four percent. He said the government intended to keep it at that level through continued fiscal restraint.
Mahama also acknowledged that Ghana’s debt default had shut the country out of international capital markets, making external loans impossible to access. However, he argued that this constraint had forced the government to fund its programs from domestic resources.
“Until this administration, I didn’t believe that we could do some of the things we are doing using our own money,” he stated.
The President pointed to a build-up in foreign reserves, which he said had grown from 8.3 billion dollars when his administration came to office to 13.9 billion dollars, as a buffer that had helped insulate the economy from external shocks.
On fuel prices, Mahama said the government had absorbed part of the cost at the pump to prevent further increases, keeping diesel at 16.10 cedis per litre when it would otherwise have reached 19 cedis.
He expressed hope that ongoing peace talks in Pakistan between parties to the US-Israel-Iran conflict would lead to a resolution that would ease global oil market pressures. Despite the external risks, the President maintained that Ghana’s economic management had shielded citizens from the worst effects of global volatility.
The IMF program under which Ghana has been operating is due to end in May.
Mahama’s commitment to maintaining fiscal discipline beyond the program’s conclusion is seen as a signal to international investors and multilateral partners that Ghana intends to preserve the reforms implemented during the IMF engagement.
Business
Uber Sued by California Drivers Over How It Treats Them
A California ride-share driver advocacy group filed a complaint Monday, April 20, 2026, in state court against Uber Technologies, Inc., alleging the company violated Proposition 22 and should be barred from classifying its drivers as independent contractors.
Rideshare Drivers United (RDU), a California nonprofit representing more than 20,000 app-based drivers in the state, claimed Uber breached the Protect App-Based Drivers and Services Act, as amended by 2020’s Proposition 22.
Allegations in the Complaint
The complaint alleges that Uber:
- Terminates drivers on grounds not specified in their contracts
- Fails to provide a meaningful appeals process for deactivated drivers
- Prohibits drivers from declining rides based on customer location or the presence of a service animal
- Withholds sufficient earnings information for drivers to verify they are receiving required compensation
Legal Argument and Requested Relief
RDU, represented by attorney Shannon Liss-Riordan of Lichten & Liss-Riordan, P.C., argues that because Uber has not complied with Proposition 22, the company cannot invoke its independent contractor protections.
The suit seeks a court declaration that Uber is disqualified from asserting its drivers are independent contractors. Such a ruling would expose Uber to misclassification claims under the California Labor Code.
Background on Proposition 22
Proposition 22 passed in November 2020 after a coalition of gig companies spent more than $220 million on the campaign. Uber alone spent more than $50 million supporting the measure.
The measure exempted app-based transportation and delivery companies from Assembly Bill 5, which had codified the state’s ABC test for employee classification.
The California Supreme Court upheld Proposition 22’s constitutionality in Castellanos v. State of California in July 2024.
Case Status
The case has no trial date. Uber has not publicly responded to the complaint.
Business
Ivory Coast Cocoa Farmers Hope for Increased Rainfall to Boost Mid-Crop Harvest
Abidjan, Ivory Coast – Cocoa farmers across Ivory Coast, the world’s largest producer of the commodity, are calling for more consistent rainfall to improve the quality and size of beans in the ongoing mid-crop season running from March to August.
Although the West African nation is currently in its official rainy season (April to mid-November), rainfall was below average in most cocoa-growing regions last week.
Farmers say the drier conditions are not yet threatening the overall health of trees, which carry a good mix of small, medium, and large pods, but additional moisture is urgently needed to support bean development for the peak harvesting period between May and July.
In the west-central region of Daloa and central areas such as Bongouanou and Yamoussoukro, where rainfall was significantly below the five-year average, farmers noted that the current heat is helping already-harvested beans dry well. However, they stressed that young and developing pods require steady rain.
“It’s very hot. The beans are well dried, but the trees need enough rain for the rest of the mid-crop season,” said Albert N’Zue, a farmer near Daloa, where only 9.7 mm of rain fell last week — 11.9 mm below average.
In contrast, the western region of Soubre and eastern region of Abengourou received above-average rainfall last week. Farmers in these areas, along with those in southern districts like Agboville and Divo (where rains were below average), stressed the need for abundant and regular precipitation.
“We need plenty of steady rain to grow large, high-quality beans,” said Kouassi Kouame, a farmer near Soubre, which recorded 28.6 mm of rain (6.2 mm above average).
Weekly average temperatures across the country ranged between 29°C and 33.2°C (84°F to 92°F). Farmers remain generally optimistic, noting that harvesting has started to pick up and that cloudy skies suggest more rain could arrive in the coming weeks.
Cocoa production in Ivory Coast is highly sensitive to weather patterns, and the mid-crop (also known as the “light crop”) typically accounts for 20–30% of the country’s annual output.
Stronger rainfall in the coming weeks will be critical for determining the final size and quality of this season’s beans, with potential implications for global cocoa supply and prices.
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