President John Dramani Mahama outlined a plan to guarantee cocoa farmers 70 percent of the world market price through a new Cocoa Bill. He also announced a goal to process at least 50 percent of Ghana's cocoa beans locally. This initiative aims to add value and create jobs within Ghana's vital cocoa sector.
These proposals were central to President Mahama's address at the 2026 Ghana-EU Partnership Dialogue in Accra. He called for Ghana's relationship with the European Union to evolve, moving beyond traditional development assistance. The new focus is on trade, investment, and industrialisation, driven by shared prosperity.
This strategic shift aligns with Ghana's broader economic narrative of enhancing self-reliance and boosting local production. The country has been working to diversify its economy and reduce dependence on raw material exports for years. Efforts to convert macroeconomic stability into improved living standards are critical for national development. Data from the Ghana Statistical Service consistently highlights the need for job creation and increased productivity. Ghana's economy is showing signs of recovery, with declining inflation and improved foreign exchange reserves reported in recent quarters.
President Mahama indicated the government's next phase of economic transformation. It will concentrate on translating macroeconomic gains into better living standards. This involves increasing productivity and creating more jobs for Ghanaian citizens. He highlighted the government's 24-hour Economy Initiative and Accelerated Export Development Programme. These programs aim to boost production across key sectors like agriculture, manufacturing, logistics, and tourism.
The President invited European investors to Ghana, positioning the country as a gateway to the African Continental Free Trade Area, a market of over 1.4 billion people. This offers significant opportunities for expanded trade and investment. Ghana's commitment to industrialisation means attracting foreign capital that supports local manufacturing and technology transfer.
The emphasis on processing raw materials locally is a significant policy direction. It seeks to capture more value from Ghana's natural resources. For instance, increasing the local processing of cocoa beans from current levels could generate substantial economic benefits. This includes higher export revenues and many new jobs in manufacturing and related services. This move also supports Ghana's long-term industrialisation agenda as outlined in various national development plans.
Furthermore, President Mahama stressed the importance of digital transformation. Ghana aims to become a leading digital hub in Africa. The country seeks deeper cooperation with the EU in digital infrastructure, cybersecurity, and artificial intelligence. These collaborations are crucial for building a modern, competitive economy aligned with global trends.
Ghana also remains committed to environmental sustainability, balancing economic growth with climate action. Plans include promoting renewable energy and sustainable agriculture practices. The government expects to finalise its position on proposed constitutional reforms. Parliament is also considering the Conduct of Public Officers Bill. These legislative actions underscore Ghana's commitment to democratic governance and transparency.
The proposed Cocoa Bill and local processing targets are key indicators of Ghana's move toward value addition. Decision-makers and investors will watch how quickly these plans translate into concrete policies and measurable economic impact. This signals a new era for Ghana-EU relations, focused on mutual investment and industrial growth.