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By Phalonzy
The Cabinet has taken a decisive step to revamp Ghana’s cocoa sector, plagued by delayed payments to farmers and crippling financial pressures at the Ghana Cocoa Board (COCOBOD).
Government Spokesperson Felix Kwakye Ofosu announced the move after an emergency Cabinet meeting, citing “persistent delays in payments to cocoa farmers” and COCOBOD’s “broader financial stress” as key concerns.
“We have just concluded a lengthy cabinet meeting, which was an emergency session that discussed the cocoa sector and matters arising there. And at the end of the emergency session, decisive measures have been agreed upon regarding expedited payments of cocoa farmers, regarding the implementation of the most drastic reforms in the cocoa sector,” Kwakye Ofosu declared.
The reforms aim to tackle structural inefficiencies, bolster financial management, and ensure timely payments to farmers, restoring confidence in the sector’s governance framework.
Finance Minister Dr. Cassiel Ato Forson will outline the plan on Thursday, February 11, at 11 a.m.
“At 11 a.m on [Thursday] the Finance Minister will address the people of Ghana and announce these far-reaching measures as agreed upon at the end of the cabinet meeting,” Kwakye Ofosu said.
The cocoa sector, a vital pillar of Ghana’s economy, has faced rising debt obligations, high input costs, declining production levels, and challenges in securing favorable syndicated loans. The reforms are expected to include financial restructuring, improved transparency mechanisms, and measures to safeguard farmer incomes and Ghana’s position as a leading cocoa producer.
