Cabinet has approved urgent measures to fast-track payments to cocoa farmers while endorsing sweeping reforms aimed at strengthening Ghana’s cocoa sector and boosting local processing.
The decision was taken at an emergency Cabinet meeting, after which the Minister for Government Communications, Felix Kwakye Ofosu, briefed the press on the outcomes.
According to him, the government has prioritised the clearance of outstanding payments owed to cocoa farmers to stabilise incomes and restore confidence within the sector. He noted that timely payments remain critical to sustaining production and protecting livelihoods in cocoa-growing communities.
Beyond the immediate intervention, Cabinet also approved a broader reform agenda focused on restructuring the Ghana Cocoa Board (COCOBOD). The proposed restructuring is expected to improve operational efficiency, enhance transparency, and reposition the cocoa regulator to better respond to global market pressures.
The reforms are also intended to drive increased local processing of cocoa beans, a long-standing policy objective aimed at maximising value addition, expanding export earnings, and creating jobs within Ghana’s agro-processing industry.
Mr Kwakye Ofosu announced that the Minister for Finance will address the nation on Thursday to outline the detailed implementation plan, including timelines, funding arrangements, and the scope of the restructuring exercise.
Ghana is the world’s second-largest cocoa producer, and the sector remains a major contributor to foreign exchange earnings and rural employment. However, the industry has faced persistent challenges in recent years, including financing constraints, price volatility, and concerns over farmer welfare.
Government officials say the newly approved measures are designed to stabilise the sector in the short term while laying the foundation for long-term sustainability and competitiveness.
COCOBOD begins payments to LBCs to clear cocoa farmers’ arrears