Finance Minister Dr. Cassiel Ato Forson addressed the challenges facing the cocoa sector during the Government Accountability Series on Thursday, February 12, 2026.
Metrotvonline.com brings you some of the key points from his address.
- Cabinet held an emergency meeting on February 11, 2026, to address deep-rooted structural and financial problems in the cocoa sector.
- The 2025/2026 season opened with a producer price of GH¢51,660 per tonne, later revised to GH¢58,000 to prevent smuggling after Côte d’Ivoire raised its prices.
- A sharp fall in global cocoa prices from about US$7,200 to around US$4,100 per tonne made Ghana’s cocoa uncompetitive.
- Buyers became reluctant to purchase Ghana’s cocoa due to high costs and weak market conditions.
- Cocobod suffered severe liquidity constraints following the collapse of the syndicated loan system and adoption of an unsustainable financing model.
- In the 2023/2024 season, Cocobod overestimated production by more than 45%, leading to rollover contracts and losses exceeding US$1 billion.
- Cocobod defaulted on restructured cocoa bills in 2023 and failed to repay a US$70 million bridge loan in 2024.
- Government inherited major debts and financial obligations from previous management.
- Cabinet identified gross mismanagement in Cocobod over the past eight years.
- Immediate payment of outstanding arrears to cocoa farmers has been ordered.
- A new Cocobod Bill will introduce automatic price adjustments and guarantee farmers at least 70% of gross FOB prices.
- A new financing model based on domestic cocoa bonds will replace buyer-funded purchases.
- Indigenous Licensed Buying Companies and the Produce Buying Company (PBC) will be revived.
- From the 2026/2027 season, at least 50% of Ghana’s cocoa will be processed locally.
- The state-owned Cocoa Processing Company (CPC) will be revived to lead domestic processing.
- Cabinet has approved the absorption of about GH¢5.8 billion in Cocobod legacy debt by the state.
- Road construction liabilities of GH¢4.35 billion will be transferred to the Ministry of Roads and the Ministry of Finance.
- Future Cocobod legislation will ban quasi-fiscal and non-core spending.
- Government will use a US$500 million World Bank facility to fund cocoa and agricultural roads.
- A forensic audit and criminal investigation into Cocobod’s activities over the last eight years has been ordered.
- Immediate cost-cutting and operational reforms will be implemented at Cocobod.
- The Producer Price Review Committee has reduced the producer price to GH¢41,392 per tonne (GH¢2,587 per bag) for the rest of the 2025/2026 season.
- Farmers will now receive 90% of the achieved gross FOB price of US$4,200 per tonne.
- Government says the reforms aim to restore confidence, protect farmers, and ensure long-term sustainability of the cocoa sector.
