Cocoa farmers in Ghana are hoarding their products in anticipation of an increment in the price of cocoa.

There are fears that this may cause pressure on the global cocoa market as Ghana is the world’s second largest cocoa producer with so many economies dependent on the country for cocoa beans.

The hoarding has been linked to a statement credited to Ghana’s vice president and the leading presidential candidate in the nation’s December 2024 elections, Mahamudu Bawumia.

Bawumia recently told his supporters during a campaign tour, that the government would raise prices for farmers.

Ghana and Ivory coast are the world’s largest cocoa producers and account for more than 40% of the world’s cocoa exports. Both countries are currently signatories to an agreement to cooperate on production, research and sales policy to help raise cocoa prices and improve the livelihoods of cocoa farmers in Africa.