The Minister for Finance, Dr. Cassiel Ato Forson, has announced that the government has directed the Ghana Cocoa Board (COCOBOD) to immediately settle all outstanding payments owed to cocoa farmers across the country.
He said the directive comes amid persistent challenges in the cocoa industry, including financing gaps, unfulfilled supply contracts, and growing pressure on farmers’ livelihoods, with reports that some farmers have threatened to sell their lands to illegal miners.
Following an emergency meeting chaired by President John Dramani Mahama to address delays in payments to Licensed Cocoa Buyers (LCBs), which have affected farmers’ ability to access their earnings on time, “Cabinet has directed COCOBOD to immediately settle all outstanding debts owed to cocoa farmers.”
The Finance Minister explained that the move is part of broader reforms to strengthen the efficiency and transparency of COCOBOD operations, curb wasteful expenditure, and ensure timely payments.
He emphasized that the government remains committed to safeguarding farmers’ incomes and sustaining the cocoa sector despite challenges posed by declining world market prices.
Dr. Forson also reiterated that the Producer Price Review Committee (PPLC) has adjusted the producer price to reflect current global market realities, ensuring farmers receive fair compensation for their produce while the sector remains viable.
Government has reduced the cocoa producer price to GH¢41,392 per tonne and the 64-kilogram bag from GHC 3,600 to GHC 2,587, effective February 12, 2026.
Source: Starrfm.com.gh
