The Institute of Economic Research and Public Policy (IERPP) is demanding a transparent explanation for what it describes as a sharp disparity between Ghana's booming cocoa export earnings and the producer price paid to farmers.

In a press release issued today and signed by its Executive Director, Prof. Isaac Boadi, the Institute says figures contained in SIGA's 2025 report raise serious questions that require "mathematics, not politics."

According to the statement, cocoa export earnings increased from US$1.94 billion in 2024 to US$3.86 billion in 2025 - a 99.2% jump. Over the same period, the realised cocoa price - the actual average price Ghana receives per tonne - rose from US$4,440 to US$5,877.40, representing a 32.4% increase.

When converted using Bank of Ghana exchange rates of GH¢14.70 to US$1 in 2024 and GH¢10.88 to US$1 in 2025, export earnings translate from approximately GH¢28.52 billion to GH¢42.00 billion, an increase of GH¢13.48 billion or 47.3% in cedi terms.

IERPP notes that even with the stronger cedi, the underlying increase in the international price remains significant.

"The issue is accountability," the Institute said.

The think tank argues that the exchange rate does not justify paying farmers GH¢2,500 per bag. Using proportional benchmarks, it calculates that a 32.4% increase on the previous GH¢3,100 producer price would have resulted in about GH¢4,104 per bag - leaving a gap of about GH¢1,604 that requires explanation.

Even if the GH¢3,500 producer price is used as a starting point, a 32.4% adjustment would amount to approximately GH¢4,634 per bag - more than GH¢2,100 above the GH¢2,500 currently paid.

While stressing that export earnings and international prices do not automatically determine the farmgate price, IERPP says factors such as financing costs, processing, transport, marketing and COCOBOD operational costs must be clearly accounted for.

The Institute says the question becomes even more critical given the reported GH¢5.11 billion in COCOBOD earnings captured in the 2025 SIGA report.

"If cocoa export earnings rose from US$1.94 billion to US$3.86 billion, realised cocoa prices increased by 32.4%, and COCOBOD recorded GH¢5.11 billion in the period under review, why did the cocoa farmer receive only GH¢2,500 per bag?" IERPP queried.

The Institute is therefore calling on Government and COCOBOD to publish a full breakdown showing export earnings, international cocoa prices, exchange-rate effects, COCOBOD revenues and costs, producer-price calculations, farmer payments and the distribution of value along the cocoa value chain.

"Ghana's cocoa farmers deserve more than political arguments. They deserve mathematics, and a clear explanation of where the money went," the statement concluded.