Government inherited COCOBOD's debt burden - Labour expert

The Secretary General of the Ghana Federation of Labour (GFL), Abraham Koomson, has stated that the financial crisis engulfing COCOBOD was inherited by the current administration, rather than created under its watch.

In an interview with GhanaWeb Business on February 16, 2026, Koomson stressed that the government assumed control of the cocoa regulator at a time when it was already burdened with significant debts.

He added that both the government and COCOBOD’s Chief Executive Officer, Randy Abbey, should have acted swiftly to stabilise the situation upon taking office.

Koomson emphasised that the cocoa sector, one of Ghana’s most vital economic pillars, must be treated with seriousness.

“The mismanagement issue at COCOBOD started from 2022. This government was supposed to deal with the issue as soon as it took office. It has taken too long for this to be addressed. We cannot afford to toy with the cocoa industry,” he said.

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He also criticised the government for failing to hold those responsible for earlier mismanagement accountable.

“Government made a mistake of not dealing with these people, and they are the same ones who messed everything up and are still moving around with their foot soldiers,” Koomson said.

In response to mounting financial pressures in the cocoa sector, the government last week announced a 28.6 percent cut in the producer price of cocoa.

The new rate stands at GH¢41,392 per tonne, equivalent to GH¢2,587 per bag for the remainder of the 2025/2026 crop season.

The Minister of Finance, Dr Cassiel Ato Forson, explained at a press briefing in Accra that the adjustment was driven by a sharp fall in global cocoa prices and liquidity challenges within the sector.

He added that the decision was necessary to align with international market realities while safeguarding farmers’ incomes as much as possible.

The 2025/2026 season began in August 2025 with a farm gate price of GH¢51,660 per tonne, pegged at 70 percent of the gross free-on-board price of US$7,200 per tonne, using an exchange rate of GH¢10.25 to the dollar.

In October, Ghana revised the price upwards to GH¢58,000 per tonne (GH¢3,625 per bag) after Côte d’Ivoire announced a higher producer price, in a bid to stem cross-border smuggling.

SA/MA

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