Minister of Finance, Dr. Cassiel Ato Forson
The Minister of Finance, Dr. Cassiel Ato Forson, has stated that cocoa production in Ghana has declined by nearly 50% over the past three years, making it difficult for the Ghana Cocoa Board (Cocobod) to meet its financial commitments.
According to him, Ghana’s cocoa industry is in severe financial distress, with Cocobod accumulating a staggering GH¢32.5 billion in debt.
“In the 2023/2024 crop season, Cocobod failed to supply 330,000 tons of cocoa for its contracted deliveries, resulting in huge financial losses,” Dr. Ato Forson said while speaking at the National Economic Dialogue 2025 in Accra on Monday, March 3, 2025.
He warned that this growing financial burden, coupled with major revenue losses, threatens the livelihoods of thousands of cocoa farmers.
Dr. Forson further explained 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 added.
Additionally, the minister expressed concerns over Cocobod’s unbudgeted expenditures, describing them as a major risk to public finances.
He revealed that GH¢9.7 billion of Cocobod’s debt is due for payment by September 2025 and called for a complete restructuring of the institution to protect farmers and restore financial stability.
AM/MA
Meanwhile, watch this Ghana Month special edition of People and Places as we hear the story of how the head of Kwame Nkrumah’s bronze statue was returned after 43 years, below: