Ghana is set to overhaul the cocoa sector with a new Cocoa Board Bill expected in Parliament, as Cabinet moves to introduce an automatic pricing system that links producer prices to global market movements and the exchange rate.
During a media briefing on Thursday, February 12, Finance Minister Dr. Cassiel Ato Forson said the bill will guarantee cocoa farmers a minimum of 70 percent of the gross Free-On-Board (FOB) price, describing the reforms as urgent steps to restore confidence and financial stability at COCOBOD.
“A careful review of the cocoa sector over the last eight years revealed gross mismanagement which requires immediate and comprehensive reforms.”
He said the proposed legislation will also support a new financing model for cocoa purchases and related operations, expected to take effect from the 2026/2027 crop season, following the collapse of the syndicated loan system.
Cabinet has also directed COCOBOD to begin immediate repayment of cocoa farmers owed under the current disruptions, as government works to protect livelihoods and prevent further strain on the sector.
“Wasteful and uncontrolled expenditure practices are to be curtailed immediately,” the Minister added.
Source: Starrfm.com.gh/Abigail praise Pabai
