Accra, Feb. 19, – The Ghana Cocoa Board (COCOBOD) faces a crippling financial crisis requiring over GH¢30 billion in working capital to remain operational, Mr Isaac Adongo, Chairman of Parliament's Finance Committee, has disclosed.
Addressing journalists at a National Democratic Congress (NDC) Majority Caucus press conference themed "Cocoa Sector Reforms and Matters Arising" in Parliament House Thursday, the Bolgatanga Central MP revealed a "big hole" in COCOBOD's accounts beyond the GH¢60 billion legacy debt inherited from the previous administration.
"COCOBOD requires over 30 billion cedis in working capital for it to survive," Mr Adongo stated, outlining emergency stabilisation measures already underway.
Immediate Cost Containment
COCOBOD has implemented deep salary reductions effective immediately through the 2025/2026 crop year:
Executive management: 20% pay cut
Senior staff: 10% salary reduction
The austerity measures will save an estimated GH¢5 million monthly.
Debt Restructuring Plan
Government seeks parliamentary approval for:
GH¢5.8 billion legacy debt (owed to Bank of Ghana and Ministry of Finance) converted to long-term obligations
GH¢4.35 billion cocoa roads liabilities transferred to Ministry of Roads and Highways and Ministry of Finance
These interventions aim to clean COCOBOD's balance sheet and restore sector viability.
Producer Price Adjustment Context
The restructuring coincides with farmgate price reduction from GH¢3,625 to GH¢2,587 per 64kg bag (28% cut), reflecting depressed global prices while farmers face payment delays since November 2025.
Mr Adongo emphasised the reforms position COCOBOD for sustainable operations amid global market volatility and domestic fiscal consolidation.
GHBUSS
Feb. 19, 2026
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