News Guide Africa

Tag: COCOBOD

  • Race Against Time: Majority urges Mahama to sign cocoa bill ahead of new season

    Race Against Time: Majority urges Mahama to sign cocoa bill ahead of new season

    By Adnan Adams Mohammed

     

    Parliament’s Majority Caucus is making a final push to secure presidential approval for the Ghana Cocoa Board (COCOBOD) Amendment Bill, urging President John Dramani Mahama to sign the reform into law despite mounting resistance from the opposition New Patriotic Party (NPP).

    The legislative battle centers on a critical economic baseline for Ghana’s agricultural backbone: a legally binding guarantee that COCOBOD must pay cocoa farmers no less than 70% of the world market price obtained by the Board.

    With the new cocoa season fast approaching, the Majority argues that any pause in enacting the law directly harms farmer livelihoods.

    Clashing Visions Over Agriculture Reform

    While the legislation passed under a certificate of urgency, the Minority Caucus has petitioned the President to refuse assent and remit the bill back to the House. Opposition members argue that rushing the law through bypassed essential consultations with key industry actors and broader agricultural stakeholders.

    However, key parliamentary leaders involved in drafting the bill have rejected those concerns as mere political delay tactics.

    In an interview with Citi News, Kwami Dzudzorli Gakpey, Vice Chairman of Parliament’s Food, Agriculture and Cocoa Affairs Committee and MP for Keta, fired back at the opposition’s claims.

    “Even in other jurisdictions, if you plant a tree and want to cut it, you seek permission or authorisation from the environmental agencies before you uproot or cut the tree. Is that not so? They are just doing cheap propaganda,” Gakpey stated.

     

    A Critical Window for Farmers

    With global cocoa markets fluctuating and harvest preparations underway, the Majority insists that time is of the essence. Supporters argue that the 70% threshold provides a crucial safety net that shields rural communities from global economic turbulence.

    Highlighting the tight deadline facing lawmakers and the executive branch, Mr. Gakpey pressed the President to prioritize the bill’s final sign-off.

    “I will urge the President, as a matter of urgency, to sign the Bill into law, and then we move on because the season is just coming. That is why we took the Bill under a certificate of urgency to satisfy the need,” he noted.

     

    A Waiting Game at the Presidency

    The presidential decision now represents a pivotal juncture for Ghana’s cocoa sector. On one side, the Majority frames the bill as an immediate imperative for economic justice and income stability. On the other, the Minority demands a step back for further consensus-building.

    As both political factions hold their ground, the final decision sits firmly in the hands of President Mahama, whose signature or lack thereof will set the financial rules for the country’s most vital cash crop heading into the new season.

     

  • Global Cocoa Production Gap: How Dr. Randy Abbey’s reformist leadership is filling the global void

    Dr Randy Abbey, COCOBOD CEO

     

    ​By Adnan Adams Mohammed

    As the global cocoa market grapples with plummeting supply from traditional powerhouses, all eyes have turned to Ghana.

    With West African neighbors facing significant production declines, a critical question looms: Can Ghana step in to fill the gap? Under the strategic stewardship of Dr. Randy Abbey, the Chief Executive of the Ghana Cocoa Board (COCOBOD), the answer is a resounding and ambitious “Yes.”

    ​The Global Supply Crisis: A Window of Opportunity

    ​The international cocoa landscape is currently defined by a “bullish” squeeze. Recent projections highlight a precarious situation for Ghana’s competitors:

    ​Ivory Coast: Production is expected to fall by 10.8% to 1.65 MMT in the 2025/26 season.

    Nigeria: The Cocoa Association projects an 11% drop to 305,000 MT for 2025/26.

    Surplus Volatility: While the ICCO recently noted a slight surplus for 2024/25, major firms like Rabobank and StoneX have consistently adjusted global surplus estimates downward, signaling that the market remains on a knife-edge.

     

    ​The “Abbey Era”: Stabilizing a Giant

    ​When Dr. Randy Abbey took the helm in early 2025, he inherited a COCOBOD burdened by over GH¢32 billion in legacy debt and a historic negative equity position. Rather than retreating, Dr. Abbey launched a “Rescue and Reform” mission that is already yielding dividends.

    ​Under his leadership, COCOBOD has moved aggressively to:

    Rationalize Debt: In just one year, the current management has successfully paid off over GH¢10 billion in loans and reduced “Cocoa Road” contract exposure from GH¢21.7 billion to a manageable GH¢4.35 billion.

    Incentivize Farmers: To combat smuggling and reward hard work, the administration implemented a competitive pricing policy. The farmgate price was recently adjusted to GH¢41,392 per tonne for the remainder of the 2025/26 season—outperforming neighboring markets and ensuring Ghanaian farmers remain the best-paid in the sub-region.

    ​Boost Production: While others falter, Ghana is rebounding. Current forecasts suggest production will hit 750,000 metric tons in the 2025/26 market year—a staggering 25% increase from the previous year.

    ​Innovation and Sustainability: Beyond the Bean

    ​Dr. Abbey’s vision extends beyond mere export. A groundbreaking new Financing Model utilizing domestic Cocoa Bonds is being introduced to end the cycle of high-interest external borrowing. Furthermore, a bold new policy mandates that 50% of all cocoa beans be processed locally starting in the 2026/27 season, ensuring that “Ghanaian Gold” creates Ghanaian jobs.

    ​”Randy Abbey is the man for the job… the reforms he has implemented in just one year are securing the future of our cocoa,” noted Isaac Adongo, Chairman of Parliament’s Finance Committee, during a recent briefing.

    ​Ghana’s Resurgence

    ​As global supply plummets, Ghana is not just “stepping in”—it is leading the way. Through a combination of fiscal discipline, farmer-centric pricing, and aggressive disease control (tackling the Swollen Shoot virus), Dr. Randy Abbey has positioned Ghana to be the reliable backbone of the world’s chocolate industry.

    ​For the Ghanaian farmer, the message is clear: the dark clouds are parting, and under this new management, the future of cocoa is brighter than ever.

     

     

     

     

  • Opinion | Mahama’s Cocoa sector reforms remains the best

     

    By Jerome K. Sam

     

     On February 12, 2026, the Minister for Finance, Hon. Dr. Cassiel Ato Forson, acting on behalf of His Excellency President John Dramani Mahama, unveiled a strategic roadmap of reforms designed to rescue Ghana’s ailing cocoa sector. 

    For an industry that has served as the backbone of our economy alongside gold—bringing in vital foreign exchange and sustaining millions of livelihoods—these proposals represent more than just policy changes; they are a necessary resuscitation of a sector currently in comatose.

    Jerome K Sam

    ​The Crisis of the Old Guard

    To understand the brilliance of the Mahama proposal, one must first look at the wreckage inherited. Under the previous leadership of Boahen Aidoo at Cocobod, contractual failures reached a breaking point. A staggering shortfall of 333,767 metric tonnes in cocoa bean supply obligations crippled Ghana’s credibility, leading to the loss of the traditional syndicated loan for the 2024/25 season.

    ​While the Dr. Randy Abbey-led Cocobod managed to navigate the 2024/25 season by servicing 235,000 metric tonnes of that inherited rollover debt, the “stop-gap” arrangement with foreign traders left the industry vulnerable. This trader-led financing model meant:

    • ​A lack of dedicated seed funds for Licensed Buying Companies (LBCs).
    • ​The fate of cocoa purchases being left at the mercy of international buyers.
    • ​Increasing farmer agitation due to payment delays.
    • ​Ballooning debts for indigenous LBCs forced to pre-finance purchases.

    ​A Paradigm Shift: Domestic Bond Funding

    The centerpiece of the Mahama reform is a bold transition in the funding model: moving away from volatile, dollar-denominated foreign syndication toward domestically raised, Cedi-denominated bonds.

    ​This shift is not merely administrative—it is a masterstroke of economic sovereignty. By raising funds locally, the government addresses five critical pain points:

    1. ​Guaranteed Liquidity: The “no money” syndrome will be cured. Cocobod will no longer wait for advances from abroad to pay our hardworking farmers.
    2. ​Debt Sustainability: By borrowing in Cedis, Cocobod eliminates the “exchange rate trap.” In the old model, every time the dollar appreciated, Cocobod’s debt unfairly ballooned. This new regime brings stability.
    3. ​Infrastructure Development: The availability of local cash ensures that cocoa-related projects—roads, warehouses, and social amenities—can be funded consistently.
    4. ​Job Security: Workers within the cocoa value chain are now assured of timely salary payments, fostering a motivated workforce.
    5. ​Reviving Indigenous Businesses: Perhaps most importantly, this regime will breathe life back into indigenous Licensed Buying Companies, allowing Ghanaian entrepreneurs to reclaim their stake in the industry.

    ​

    A Path to Glory

    It is evident that the Mahama-led government is not interested in cosmetic fixes. By tackling the structural funding flaws that have plagued the sector, the administration is laying the groundwork for a resilient, self-sufficient cocoa industry.

    ​The transition to domestic bonds is a courageous step toward decoupling our national pride—cocoa—from the whims of international lenders. If implemented with the precision currently displayed by the Finance Ministry and the new Cocobod leadership, Ghana’s “Green Gold” is set to return to its glory days.

     

  • “Looters Calling for Relief”: Franklin Cudjoe fires back at critics over COCOBOD and ECG crisis

     

     

    By Adnan Adams Mohammed

    Franklin Cudjoe, the President of policy think tank IMANI Africa, has launched a blistering critique of Ghana’s political communication landscape, accusing members of the former administration of “wickedness” and “greed” while demanding accountability for the nation’s economic woes.

    ​In a strongly worded statement released this week, Cudjoe argued that the current debate over the Ghana Cocoa Board (COCOBOD) and the energy sector is being hijacked by “noisy and uncouth” political actors who he claims dissipated the very funds they are now asking the government to use for relief.

    ​The Cocoa-ECG Irony

    ​Cudjoe’s intervention highlights a stark financial comparison recently raised by social commentator Neenyi Ayirebi-Acquah. According to Cudjoe, the cumulative losses of the Electricity Company of Ghana (ECG) between 2021 and 2024 stand at a staggering GH¢27.6 billion.

    ​Ironically, this figure nearly mirrors the GH¢30 billion in working capital that the current National Democratic Congress (NDC) administration is seeking to raise to stabilize COCOBOD.

    ​”It’s hard not to see the irony,” Cudjoe remarked. “And yet, the noisy communicators of that perilous and wicked era are jumping from one media house to another asking for reliefs to farmers from funds they dissipated with the force of greed!”

    ​A Call to End “Slow Motion” Justice

    ​Beyond the energy and cocoa sectors, the IMANI leader expressed deep frustration with the pace of the judicial system in handling allegations of corruption against former officials. He noted that while elements of the previous regime have dared the ruling government to “take them to court or shut up,” the state appears to be moving in “slow motion.”

    ​”I agree with them,” Cudjoe said, referring to the dare from former officials. “There is so much slow motion and the courts are playing along!! Too many crooks are walking about freely.”

    ​Cudjoe warned that the Ghanaian brand was “destroyed” by a period of looting where officials “ate our food and forgot our names.” He urged the current government to move decisively to prosecute those responsible for the country’s financial depletion.

    ​Don’t Cede the Space

    ​The policy analyst concluded by reminding Ghanaians that politics is too important to be left to politicians alone. He urged taxpayers to reclaim the public discourse from what he described as “educated illiterate” communication teams who dominate the airwaves.

    ​”We pay taxes and employ them. Why should we allow some… noisy communication team members to seize the space and misbehave? Please do not cede your space to them!” he charged.

    ​The comments come at a time of heightened tension as the government rolls out a rescue plan for COCOBOD, which includes salary cuts for executives and the transfer of billions in road-related debt to the Ministry of Finance to save the cocoa regulator from collapse.

     

  • The Golden gamble: Why Ghana’s new ‘Gold Board’ must find its own shine to survive

    The Golden gamble: Why Ghana’s new ‘Gold Board’ must find its own shine to survive

    By Adnan Adams Mohammed

    On the surface, Ghana is currently in the midst of a historic “Gold Reset.” With global bullion prices testing the US$4,000 per ounce mark in early 2026 and the newly established Ghana Gold Board (GoldBod) promising to formalize the artisanal sector, the nation’s economic future looks, quite literally, gilded.

    However, beneath the high-gloss policy announcements lies a structural anxiety. According to Prof. William Kwasi Peprah, Associate Professor of Finance at Andrews University, the greatest threat to this ambitious initiative isn’t a lack of gold it is a precarious financing model that risks repeating the mistakes of the past.

    The “cocoa ghost” haunting gold

    The primary fear among economists is that GoldBod could mirror the financial struggles of COCOBOD, which currently grapples with debts exceeding GH₵32 billion. Prof. Peprah warns that without a robust, independent funding structure, GoldBod could become a fiscal burden rather than a boon.

    “The gold board idea is very good,” Peprah noted during a recent session on Joy News’ PM Express. “But the financing model needs to be looked at carefully so that it doesn’t tead to the next Cocoa Board.”

    The concern is rooted in a shift in central bank policy. The Bank of Ghana (BoG), which has been instrumental in the Domestic Gold Purchase Programme (DGPP), is reportedly preparing to exit the direct financing of gold trade. This leaves GoldBod reliant on:

    Government Appropriations: Which, according to Peprah, saw significant shortfalls in 2025.

    Advance Payments: A provision in the GoldBod Act (Act 1140) that allows the board to take money from international buyers upfront—a model that requires high levels of global trust and transparency.

    The need for a “safety net”

    Currently, Ghana is enjoying a “windfall” driven by global fear, currency hedging against a devaluing US dollar, and inflation. But Prof. Peprah insists that high prices are never permanent. He is leading the call for a Gold Commodity Stabilisation Fund, separate from the board’s current US$279 million revolving fund.

    “Now that we are having this windfall, we should be able to establish a stabilisation fund purposely for gold… to guard against the shocks that will come,” Peprah argued.

    This would function similarly to the Ghana Stabilisation Fund (GSF) used for petroleum, providing a buffer when prices inevitably dip. Without it, a sudden market correction could leave Ghana’s trade balance and the livelihoods of thousands of small-scale miners in a “struggling position.”

    A structural tug-of-war

    The GoldBod reform is the boldest move in decades to reclaim value from the artisanal and small-scale mining (ASM) sector, which accounts for over 30% of Ghana’s output. However, the board currently wears three hats:

    1. The Regulator: Licensing all gold activities.

    2. The Commercial Entity: The sole authorized buyer and exporter of ASM gold.

    3. The Investigator: Possessing police-level powers to stop smuggling.

    Critics and scholars like Peprah point out that this consolidation of power is expensive to maintain and operationally complex. For GoldBod to succeed where others have faltered, it must move beyond “rent-collecting” and prove it can manage its own liquidity without being “whipped” by the same debt cycles that have plagued the cocoa sector.

    Feature COCOBOD (Current) GoldBod (Proposed)

    Primary Funding Syndicated International Loans Domestic Bonds / Advance Off-taker Payments

    Stability Mechanism Price Stabilization Fund Proposed Gold Stabilisation Fund

    Regulatory Role Oversight of Cocoa Value Chain Sole Authority for Assay & Export

    Key Risk High Debt / Interest Costs Market Volatility / Funding Gaps

    The verdict

    Ghana’s “Gold Reset” is a high-stakes bet on resource sovereignty. While the policy framework is solid and the law transformative, the “operationalization” specifically how the board pays for the three tonnes of gold it aims to buy weekly remains the billion-dollar question.

    As Prof. Peprah puts it: “If we fail on gold, our trade balance will move into a very struggling position.” The message to the government is clear: save the windfall now, or pay the price later.

     

     

     

     

  • PBC and CPC to lead cocoa sector revival

    PBC and CPC to lead cocoa sector revival

    By Adnan Adams Mohammed

    In a sweeping overhaul of Ghana’s cocoa sector, the government has announced the immediate revival of the Produce Buying Company (PBC) and the Cocoa Processing Company (CPC).

    The move is designed to re-establish state leadership in both the internal marketing and domestic processing of cocoa beans.

    The announcement was made by Finance Minister Dr. Cassiel Ato Forson during a press briefing on Thursday, February 12, following an emergency Cabinet session. The reforms come at a critical time as the government seeks to stabilize the industry and guarantee fair returns for farmers amidst fluctuating global prices.

    Restoring PBC as the market leader

    The Produce Buying Company (PBC), once the backbone of internal cocoa purchasing, is set to resume full operations immediately. The government’s goal is to return the PBC to its status as the nation’s leading Licensed Buying Company (LBC).

    “The revival of PBC is central to our strategy of supporting cocoa farmers. We want to ensure they have a reliable, transparent, and efficient avenue to sell their produce at fair prices,” Dr. Forson stated.

    To support this, the government plans to inject new capital, providing the liquidity necessary for effective cocoa purchases; modernize infrastructure by upgrading storage and logistics technology to enhance operational efficiency; and protect farmer interests by ensuring timely payments to farmers, and addressing recent liquidity challenges faced by private LBCs.

    CPC to spearhead 50% local processing target

    Parallel to the revival of PBC, the government has prioritized the Cocoa Processing Company (CPC) to lead a massive shift toward value addition. A new directive mandates that at least 50% of all cocoa beans produced in Ghana must be processed locally starting from the 2026/2027 crop season.

    “Reviving CPC is a strategic step to strengthen our cocoa value chain,” said Dr. Forson. “By processing more cocoa locally, we add value, create jobs, and ensure Ghana benefits more from its resources.”

    Key Components of the CPC Revival:

    Operational Upgrades: Modernizing machinery to boost production capacity.

    Immediate Allocation: All remaining beans from the current 2025/2026 crop year have been directed to domestic processors to kick start the initiative.

    Sustainable Benchmarking: Positioning CPC as a competitive standard for sustainable processing in West Africa.

    Broader sector reforms

    The revival of these two state entities is part of a larger structural “reset” for the cocoa sector. Other measures announced include:

    New Pricing: The cocoa producer price for the remainder of the 2025/2026 season has been adjusted to GH¢41,392 per tonne (GH¢2,587 per bag).

    Debt Management: The conversion of GH¢5.8 billion in COCOBOD legacy debt into equity to strengthen the sector’s balance sheet.

    Financing Model: Replacing the 32-year-old syndicated loan model with a new domestic cocoa bond system for the 2026/2027 season.

    The government maintains that these interventions will reduce Ghana’s dependence on raw cocoa exports and ensure the benefits of the industry are felt more broadly across the local economy.

     

  • NPP Challenged to Reveal Cocoa Price Plans Amidst Government Reforms

    NPP Challenged to Reveal Cocoa Price Plans Amidst Government Reforms

    The New Patriotic Party (NPP) is being urged to disclose their cocoa pricing strategy, given the current challenges in the sector.

    This comes as the government prepares to unveil reforms aimed at addressing delayed payments to farmers and financial pressures at the Ghana Cocoa Board (COCOBOD).

     

    Writing on social media, Godwin Ako Gunn questioned the NPP’s stance, asking, “NPP, be bold and tell us how much you would have sold a bag of cocoa given the prevailing condition.” The post criticized the NPP for politicizing the issue, citing their past promises and the current challenges in the sector.

     

    The post also referenced the NDC’s 2024 price promise, which the NPP has questioned, prompting Ako Gunn to ask the party to focus on their own plans rather than criticizing the government. “NPP, all things being equal, how much would you have sold a bag of cocoa?” he asked.

     

    The government is expected to announce reforms to address the sector’s challenges, including financial restructuring and improved transparency mechanisms. The move has been welcomed by cocoa farmers, who are hopeful for better days ahead.

     

    In a related note, Ako Gunn wished readers a happy Valentine’s Day, encouraging them to support cocoa farmers by sharing chocolates. “Aban papa aba, Ghana b3y3 d3d333d3 s3 chocolate” (Good government has come, Ghana will be sweet like chocolate).

  • Agricultural economist suggests government pays cocoa farmers with gold proceeds

    Agricultural economist suggests government pays cocoa farmers with gold proceeds

    Head of the Department of Agricultural Economics at the Kwame Nkrumah University of Science and Technology (KNUST), Professor Robert Aidoo, has urged the government to urgently devise a strategy to settle outstanding payments owed cocoa farmers by the Ghana Cocoa Board (COCOBOD).

    Cocoa farmers across the country have been waiting for the past three months to receive payment for cocoa beans they sold to COCOBOD through licensed buying companies.

    The prolonged delay has left many farmers considering drastic measures, including smuggling their produce to neighboring countries or selling their farmland to illegal miners.

    Speaking on Luv FM, Professor Aidoo warned that such actions could have devastating long-term effects on the environment and the livelihoods of farming families.

    He emphasized the urgency for government’s intervention to prevent irreversible damage to the cocoa sector and rural communities.

    “Cocoa has taken care of Ghana over the years. So, at a point where gold is also bringing in resources and we are facing this challenge, what stops us from getting money from the gold programme to immediately pay the farmers, while we try to find all the rough edges of this new trading model that COCOBOD is trying to implement,” Professor Aidoo stated.

    He Aidoo urged COCOBOD to collaborate with the Bank of Ghana to leverage resources from the gold to address the backlog in payments to farmers.

    “Bank of Ghana should work together with the Ministry of Finance, and we know COCOBOD is under Ministry of Finance, so that they try to get some resources from the gold programme to sort out our farmers immediately,” he suggested.

    As a medium-term solution, Professor Aidoo recommended a blended approach, combining smaller syndicated loans with increased private sector participation to mobilize the necessary resources to pay farmers.

    “Why can’t we have a blended approach, where we go for a syndicated loan, but not to the tunes we were taking before and then we also encourage some private sector actors to also come in with resources and then we are able to pay the farmers?” he proposed.

    Professor Aidoo concluded by stressing that prompt payments are essential not only for the welfare of cocoa farmers but also for safeguarding the future of Ghana’s cocoa industry.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Cocoa merchants warn of industry collapse;  …demand urgent funding and policy overhaul

    Cocoa merchants warn of industry collapse;  …demand urgent funding and policy overhaul

    By Adnan Adams Mohammed

    The Licensed Cocoa Buyers Association of Ghana (LICOBAG) has issued a warning for the nation’s cocoa industry, asserting that a perfect storm of funding shortfalls, flawed sales strategies, and deep-seated policy inconsistencies is pushing the sector toward an irreversible decline.

    At a high-stakes press conference in Accra last week, LICOBAG Executive Secretary Victus Dzah painted a grim picture of a sector struggling under the weight of a “liquidity crunch.” He argued that without immediate intervention to restore professionalism and fix the broken financing model, Ghana once the gold standard for global cocoa risks losing its industry to illegal mining (galamsey) and systemic collapse.

    The most critical demand from the Association is a fundamental reset of how cocoa is financed. Following COCOBOD’s departure from its traditional international syndicated loan model in 2024, Licensed Buying Companies (LBCs) say they have been pushed into unsustainable debt.

    “We suggest a review of the current funding model to allow for a hybrid arrangement,” Mr. Dzah stated. This proposal calls for combining the reliability of the old syndicated facility with the new structure to ensure real-time payments. Currently, LBCs are being forced to pre-finance cocoa purchases at interest rates as high as 29.8%, only to wait months for reimbursement from COCOBOD.

    Emergency Measures for 300,000 Metric Tonnes

    The Association also sounded the alarm on a growing backlog of unpaid cocoa. LICOBAG is urging the government to secure an emergency facility to pay for an estimated 300,000 metric tonnes of cocoa produced and delivered.

    “Cocoa delivered to port since December 2025 remains unpaid,” Mr. Dzah revealed, adding that the delays have caused tensions to boil over at the grassroots level. Reports are emerging of farmers arresting purchasing clerks who are unable to pay for delivered beans.

    LICOBAG’s “Roadmap to Recovery”

    Beyond the financial metrics, the crisis is threatening the quality of Ghana’s “Premium A” beans. With buying stalled, many farmers have resorted to storing unsold cocoa in fertilizer bags—a practice that poses severe contamination risks and could lead to mass rejections at the international level.

    “Serious efforts must be made to revamp the cocoa industry beyond rhetoric and theatrics,” Mr. Dzah concluded, calling for a “paradigm shift” that insulates the Ghana Cocoa Board from political interference and restores security of tenure for its technocrats.

    As the 2025/2026 season reaches a critical juncture, all eyes are now on COCOBOD and the Ministry of Finance to see if they will heed the call for a “hybrid” financing return or double down on the current model that buyers say is failing.

     

     

  • COCOBOD cuts costs as GHC30bn debt mounts — Public Affairs Head

    COCOBOD cuts costs as GHC30bn debt mounts — Public Affairs Head

    Head of Public Affairs at the Ghana Cocoa Board (COCOBOD), Jerome K. Sane, says the institution has begun implementing cost-cutting measures as part of efforts to address its mounting debt of GHC30 billion.

    In an interview on radio last week, he stressed that financial discipline has become central to COCOBOD’s operations, noting that the CEO and his deputies are leading the reform by cutting back on unnecessary travel.

    He expressed optimism that with the right policies and programmes, COCOBOD can overcome its financial difficulties.

    “Today, if you are to come to COCOBOD, there is a lot of discipline, financial discipline. We are not doing the very things that we were doing when we had money.

    “Today at COCOBOD, the CEO and his Deputies have even cut some kind of unnecessary travel. Unless it is justified to ascertain that, it is imperative to the sustenance of the organisation. About 50% of foreign travels are off to save money,” he stated.

    Meanwhile, the Industrial and Commercial Workers Union (ICU) has cautioned the government, insisting that the only way to prevent the collapse of Ghana’s cocoa sector is to immediately write off COCOBOD’s debt of over GHC30 billion.