{"id":15180,"date":"2026-02-27T16:24:03","date_gmt":"2026-02-27T16:24:03","guid":{"rendered":"https:\/\/gnbcc.net\/?p=15180"},"modified":"2026-02-27T16:24:07","modified_gmt":"2026-02-27T16:24:07","slug":"absence-of-price-stabilisation-fund-leaves-cocoa-and-gold-exposed","status":"publish","type":"post","link":"https:\/\/gnbcc.net\/absence-of-price-stabilisation-fund-leaves-cocoa-and-gold-exposed\/","title":{"rendered":"Absence of price stabilisation fund leaves cocoa and gold exposed"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The recent 28.63 percent reduction in producer price for cocoa has reignited debate over the country\u2019s ability to shield its key revenue earners from market shocks, with the Co-Chair of Ghana Extractive Industries Transparency Initiative (GHEITI) Dr. Steve Manteaw, warning that the economy remains dangerously exposed without a functioning price stabilisation mechanism.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He cautioned that the same structural weakness now affecting cocoa could equally undermine gold revenues if global prices retreat, arguing that the country has failed to institutionalise buffers to manage commodity volatility despite its long dependence on extractive income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a social media post contributing to ongoing public discussions on developments in the cocoa sector, Dr. Manteaw urged policymakers to replicate the discipline applied in the petroleum sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe must do for other commodities what we have done so brilliantly for oil,\u201d he wrote, advocating the establishment of a stabilisation fund to set aside excess earnings above projected revenues during boom periods to cushion the economy in downturns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ghana operates a stabilisation arrangement for petroleum revenues under the Petroleum Revenue Management framework, designed to smooth budgetary shortfalls when oil prices fall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, no comparable statutory mechanism exists for cocoa or gold \u2013 two of the country\u2019s leading foreign exchange earners.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Economists note that, in the absence of such buffers, commodity downturns tend to result in fiscal pressures, often leading to abrupt policy adjustments that affect producers and government spending alike.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr. Manteaw\u2019s intervention comes at a time when policymakers are grappling with sustaining export revenues amid shifting global commodity cycles and tight fiscal conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, a Technical Advisor at the finance ministry, Dr. Theo Acheampong, said the extraordinary cocoa price windfall witnessed between 2023 and 2025 has run its course. The rally, triggered largely by supply disruptions and poor harvests in major producing countries, pushed international prices above US$10,000 per tonne at its peak \u2013 marking levels not seen for decades.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He indicated that the market is likely to correct significantly, with prices expected to moderate at between US$3,500 and US$4,000 per tonne for the remainder of 2026\u2026 albeit still above historical averages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to him, credible burden-sharing across the cocoa value chain must begin at the top. He noted the recent decision to pass 90 percent of the gross Free on Board (FOB) price to farmers compared with 70 percent previously, as part of efforts to cushion producers from volatility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beyond pricing reforms, he emphasised the need for rigorous cost rationalisation at the Ghana Cocoa Board (COCOBOD) \u2013 including a review of compensation structures, a reduction in discretionary and non-essential expenditure and a scaling back of quasi-fiscal commitments such as cocoa road projects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Savings, he suggested, should be redirected toward productivity-enhancing support and extension services for farmers. Some of these measures, he noted, form part of ongoing structural reforms under the country\u2019s programme with the International Monetary Fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr. Acheampong added that repeated cycles in oil, cocoa, and gold underscore a longstanding lesson: reliance on primary commodity exports offers limited insulation against external shocks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe lesson oil and gas, cocoa and gold continue to demonstrate is simple; we cannot build a robust economy on primary commodity exports alone,\u201d he said, stressing the need for deeper value addition, industrial expansion and productivity gains within agriculture and manufacturing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Click <a href=\"https:\/\/thebftonline.com\/2026\/02\/26\/absence-of-price-stabilisation-fund-leaves-cocoa-and-gold-exposed\/\" rel=\"nofollow noopener\" target=\"_blank\"><strong>here<\/strong><\/a> for source.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent 28.63 percent reduction in producer price for cocoa has reignited debate over the country\u2019s ability to shield its key revenue earners from market shocks, with the Co-Chair of Ghana Extractive Industries Transparency Initiative (GHEITI) Dr. Steve Manteaw, warning that the economy remains dangerously exposed without a functioning price stabilisation mechanism.<\/p>\n","protected":false},"author":10,"featured_media":15181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[153],"tags":[],"class_list":["post-15180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-articles"],"jetpack-related-posts":[{"id":15170,"url":"https:\/\/gnbcc.net\/moving-beyond-stabilisation-to-structural-reforms-is-our-vision-president-assures-private-sector\/","url_meta":{"origin":15180,"position":0},"title":"Moving beyond stabilisation to structural reforms is our vision &#8211; President assures private sector","author":"Grace Agorigo","date":"February 27, 2026","format":false,"excerpt":"President John Dramani Mahama has said that the nation\u2019s economic transformation depends on moving beyond mere stabilisation to structural reforms. He said this could be achieved through strategic partnership between the government and the private sector, adding that \u201cstabilisation is not equal to transformation. We need to change our trajectory\u201d.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/02\/EU-Global-Gateway-1-1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/02\/EU-Global-Gateway-1-1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/02\/EU-Global-Gateway-1-1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/02\/EU-Global-Gateway-1-1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/02\/EU-Global-Gateway-1-1.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":13131,"url":"https:\/\/gnbcc.net\/govt-raises-cocoa-price-to-gh%c2%a23228-per-bag\/","url_meta":{"origin":15180,"position":1},"title":"Gov\u2019t raises cocoa price to GH\u00a23,228 per bag","author":"Grace Agorigo","date":"August 8, 2025","format":false,"excerpt":"Cocoa farmers in the country are set to earn GH\u00a23,228.75 per 64-kilogramme bag for the upcoming 2025\/2026 season, following a major upward adjustment in the producer price announced by the government.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18947,"url":"https:\/\/gnbcc.net\/gh%c2%a246-1bn-trade-surplus-masks-real-deficit-gss\/","url_meta":{"origin":15180,"position":2},"title":"GH\u00a246.1bn trade surplus masks real deficit \u2014 GSS","author":"Paul N.","date":"September 4, 2026","format":false,"excerpt":"Ghana\u2019s headline trade surplus remains heavily influenced by gold prices, with real exports declining while imports increased in the first quarter of 2026.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-45.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-45.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-45.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-45.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-45.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":15877,"url":"https:\/\/gnbcc.net\/sixth-imf-review-puts-spotlight-on-post-stabilisation-policy-execution\/","url_meta":{"origin":15180,"position":3},"title":"Sixth IMF review puts spotlight on post-stabilisation policy execution","author":"Grace Agorigo","date":"May 7, 2026","format":false,"excerpt":"The government has begun the sixth review of its US$3 billion Extended Credit Facility programme with the International Monetary Fund, shifting attention from macroeconomic stabilisation to the execution of policies needed to sustain growth and investor confidence. Finance minister Cassiel Ato Forson formally received an IMF mission led by Ruben\u2026","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/ESQ-Elsie-11.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/ESQ-Elsie-11.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/ESQ-Elsie-11.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/ESQ-Elsie-11.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/ESQ-Elsie-11.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":15983,"url":"https:\/\/gnbcc.net\/imf-backs-post-bailout-framework-as-govt-pursues-fiscal-credibility\/","url_meta":{"origin":15180,"position":4},"title":"IMF backs post-bailout framework, as gov\u2019t pursues fiscal credibility","author":"Grace Agorigo","date":"May 22, 2026","format":false,"excerpt":"The government has secured International Monetary Fund (IMF) staff-level backing for a new three-year Policy Coordination Instrument (PCI), marking the country\u2019s transition from crisis-era financing under the Extended Credit Facility (ECF) toward a reform-focused framework aimed at preserving macroeconomic stability and restoring long-term investor confidence. The IMF said its staff\u2026","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/05\/SNBN-11.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":18951,"url":"https:\/\/gnbcc.net\/finance-minister-begins-consultations-with-trade-ministry-on-new-economy-programme\/","url_meta":{"origin":15180,"position":5},"title":"Finance Minister begins consultations with Trade Ministry on New Economy Programme","author":"Paul N.","date":"September 4, 2026","format":false,"excerpt":"Finance Minister Dr Cassiel Ato Forson has begun consultations on Ghana\u2019s New Economy programme, which aims to shift the country from economic stabilisation towards job creation, wealth generation and sustainable growth.","rel":"","context":"In &quot;News Articles&quot;","block_context":{"text":"News Articles","link":"https:\/\/gnbcc.net\/category\/news-articles\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/gnbcc.net\/wp-content\/uploads\/2026\/09\/ESQ-Elsie-46.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/gnbcc.net\/wp-content\/uploads\/2026\/02\/EU-Global-Gateway-3.png","_links":{"self":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts\/15180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/comments?post=15180"}],"version-history":[{"count":1,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts\/15180\/revisions"}],"predecessor-version":[{"id":15182,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/posts\/15180\/revisions\/15182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/media\/15181"}],"wp:attachment":[{"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/media?parent=15180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/categories?post=15180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gnbcc.net\/wp-json\/wp\/v2\/tags?post=15180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}