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Finance Minister, Dr. Cassiel Ato Forson, has indicated that the country’s cocoa industry has been hit with financial losses with the Ghana Cocoa Board (COCOBOD) accumulating GH¢32.5 billion in debt.
Dr. Forson disclosed that cocoa production has declined by nearly 50% over the past three years, making it difficult for Cocobod to meet its obligations.
“In the 2023/2024 crop season, Cocobod failed to supply 330,000 tons of cocoa for its contracted deliveries, resulting in huge financial losses,” he noted at the National Economic Dialogue (NED) 2025 in Accra on Monday, March 3.
He presented that Ghanaian farmers are losing $4,000 per ton of cocoa sold due to restrictive contract agreements.
“Because of the ROVER contracts, we cannot offer farmers competitive prices, which has driven up smuggling to Togo and Côte d’Ivoire,” he said.
He revealed that GH¢9.7 billion of Cocobod’s debt is due for payment by September 2025, and demand for a complete restructuring of the institution to protect farmers and restore financial stability.
Dr. Ato Forson further cautioned that the growing financial burden together with major revenue losses, threatens the livelihoods of thousands of cocoa farmers.
