Reject IMF bailout calls, cocoa farmers urge gov’t amid sector crisis

A leading cocoa farmers’ association has thrown its weight behind the government’s handling of the ongoing cocoa sector crisis, firmly rejecting opposition calls for an International Monetary Fund (IMF) bailout.

The Ghana Chapter of the Cocoa Farmers Alliance of Africa (CFAA) has urged the government to continue pursuing local solutions to the industry’s challenges, praising the Ministry of Finance for its recent interventions.

In a statement signed by member Mark Ewusi Arkoh, the group commended the government’s broader economic management, which it says has helped stabilize the Ghanaian Cedi and contributed to the recent decline in inflation to single digits.

However, the farmers’ primary focus was on dismissing suggestions from the Minority in Parliament that Ghana should turn to the IMF for emergency support.

“We take note of calls by the Minority in Parliament for government to seek IMF intervention,” the statement read. “We, the Cocoa Farmers Alliance of Africa (CFAA), Ghana Chapter, categorically state that such calls are unacceptable and must be totally ignored. Ghana must find home-grown solutions to its economic challenges, not rely on external crutches.”

The farmers also signaled their understanding of the tough choices required to stabilize the sector for the long term. This follows a recent Cabinet decision to significantly reduce the producer price of cocoa, a move that will directly impact their income.

On Thursday, the government, through Finance Minister Dr. Cassiel Ato Baah Forson, announced a series of sweeping reforms for the cocoa sector. The most significant measure was the reduction of the producer price for a 64kg bag of cocoa from GH¢3,625 to GH¢2,587.

“As cocoa farmers, we recognise our duty to ensure our prices reflect global competition, contributing to the long-term sustainability of the industry,” Mr. Arkoh added, indicating the farmers’ acceptance of the difficult but necessary adjustment.

The Finance Minister’s announcement was met with immediate pushback from the Minority, who held a press conference to voice their concerns and reiterate their call for an IMF bailout. The CFAA’s statement places a key stakeholder group squarely in the government’s corner, backing its strategy of domestic policy measures over external financial intervention.