Alan Kyerematen, founder of the Movement for Change, has pledged a transformational economic agenda for Ghana’s cocoa industry, focusing on cutting dependence on foreign loans and enhancing the financial independence of cocoa farmers. Addressing chiefs and local communities in the Ahafo Region as part of his Caravan Campaign Tour, Kyerematen criticized past and present administrations for, in his view, “exploiting the hard work of Ghanaian cocoa farmers for debt servicing.”
Under his proposed reform, Kyerematen promises to end the annual $2 billion syndicated loan scheme, which he argues has financially burdened the industry by tying it to foreign debt. He explained, “Currently, the government borrows billions in the name of supporting cocoa farmers but compensates them in cedis, a currency that continues to lose value. This setup diverts farmers’ hard-earned income to service foreign loans, leaving them at a loss.”
Kyerematen highlighted the potential for economic transformation through local financing: “If we fund cocoa purchases in cedis, the true value of our international sales will benefit both the nation and the farmers directly. No longer will their work be reduced to merely paying off foreign debt,” he said.
Referencing record global cocoa prices of $7,960 per ton, Kyerematen criticized the government’s failure to ensure fair earnings for farmers amid such high international prices. “Our farmers are barely seeing the rewards of these record prices. With prices at this level, it’s unacceptable that our farmers are struggling for fair compensation,” he remarked.
To build long-term value for the industry, Kyerematen also committed to processing at least 70% of Ghana’s cocoa domestically, converting raw beans into chocolate and other products. “True wealth lies in the finished products, not raw exports. When we export chocolate instead of cocoa beans, farmers will finally benefit from the true value of their produce,” he explained.
Additionally, Kyerematen addressed the high costs of pollination services, which he said have hindered productivity in the sector. “Under my leadership, cocoa farmers will have access to free pollination services, enabling them to boost yields without the added financial strain,” he promised, a declaration that received enthusiastic support from the crowd.
To further empower farmers, Kyerematen outlined his plan to introduce private sector involvement in the cocoa industry, including listing shares of COCOBOD on the Ghana Stock Exchange. This would create a share option scheme, allowing farmers to hold ownership stakes in the industry. “Our cocoa farmers deserve to be shareholders in the industry they sustain. It’s time they share in the prosperity,” he concluded.
In a nod to global climate commitments, Kyerematen also underscored the importance of securing climate financing, particularly from developed nations, to support a sustainable cocoa industry and a broader green transition.
