Thomas Ampem Nyarko COCOBOD’s indebtedness to fertilizer and agrochemical suppliers from 2021 to 2024 is part of broader financial challenges inherited in the cocoa sector, Deputy Finance Minister, Thomas Ampem Nyarko, has told Parliament. …
… The call for greater cooperation was reinforced by COCOBOD Chief Executive Dr. Randy Abbey, who urged both countries to deepen trust, transparency and policy alignment to maximise their influence in international cocoa markets. …
COCOBOD is too important to be discussed through slogans alone. The COCOBOD Files was launched as a civic intelligence project to examine a simple question: What happened to COCOBOD between 2017 and 2026? …
… Head of Public Affairs at Cocobod, Jerome Sam, says the decision was driven largely by concerns about the welfare and livelihoods of farmers who have already endured significant challenges over the past year. …
Government has chosen to maintain cocoa producer prices despite declines in international markets, a decision aimed at protecting farmers’ incomes and livelihoods, according to COCOBOD’s Head of Public Affairs, Jerome Sam. …
COCOBOD has defended the government’s decision to intervene in cocoa pricing during the current season, describing the move as an extraordinary but necessary step to protect farmers and safeguard the sector. …
… rantees farmers a minimum of 70 per cent of the gross FOB price, a transition to domestic financing through a cedi-denominated cocoa bond, a mandate to process at least 50 per cent of cocoa locally from the 2026/27 crop season, and a balance sheet restructuring to restore COCOBOD …
… Dr Francis Baah, Deputy Chief Executive for Agronomy and Quality Control at COCOBOD, focused his address on aligning policy and practice to strengthen cocoa systems. …
… According to him, beneficiaries will also receive practical training and extension services through a partnership with the Cocoa Health and Extension Division (CHED) of COCOBOD to ensure effective use of the inputs provided. …
… He further disclosed that beneficiaries would receive practical training and extension services through a partnership with the Cocoa Health and Extension Division (CHED) of COCOBOD to ensure the effective application of the inputs. …
Deputy Finance Minister Thomas Ampem Nyarko told Parliament that COCOBOD's indebtedness to fertilizer and agrochemical suppliers from 2021 to 2024 stems from procurement commitments that exceeded budgetary allocations. In 2021–2022, COCOBOD procured $455.7 million in agrochemicals against a $312.8 million budget, and this pattern continued in subsequent years, with the 2023–2024 season seeing $668.6 million contracted against a $76.5 million budget, while cocoa production declined.
Why it matters
Deputy Finance Minister reveals COCOBOD's massive agrochemical debt stemming from overspending that far exceeded budgets while cocoa production declined.
Deputy Finance Minister Thomas Ampem Nyarko told Parliament that COCOBOD's indebtedness to fertilizer and agrochemical suppliers from 2021 to 2024 stems from procurement commitments that exceeded budgetary allocations. In 2021–2022, COCOBOD procured $455.7 million in agrochemicals against a $312.8 million budget, and this pattern continued in subsequent years, with the 2023–2024 season seeing $668.6 million contracted against a $76.5 million budget, while cocoa production declined.
Ghana and Côte d'Ivoire have agreed to harmonise cocoa farm-gate pricing policies to strengthen farmer incomes, reduce market distortions, and build resilience against market volatility and climate risks. The two countries, which together produce more than 60 percent of global cocoa, aim to strengthen bargaining power and stabilise the sector through closer policy alignment.
Joy Online has compiled a civic intelligence project examining COCOBOD's activities between 2017 and 2026 through debt records, procurement, production trends, and public statements. The archive includes investigations into competing narratives on COCOBOD's financial condition, cocoa pricing formulas and farmer compensation, and policy debates affecting cocoa producers.
Ghana's government has decided not to cut the cocoa producer price despite falling international cocoa prices, citing concerns for farmer welfare after significant challenges over the past year. Cocobod's Head of Public Affairs said the decision to maintain prices was not based on international market conditions but on protecting farmers and Ghana's cocoa industry.
COCOBOD says Ghana is holding cocoa producer prices steady despite falling international markets, contrasting with Côte d'Ivoire's practice of adjusting prices downward. The decision aims to protect farmers' incomes and is part of Ghana's conventional pricing system announced at the start of each cocoa season.
COCOBOD's head of public affairs said the government's decision to intervene in cocoa pricing mid-season was extraordinary but necessary to protect farmers and safeguard the sector, departing from the conventional practice of announcing prices only at the start of the main and light crop seasons due to unforeseen developments.
In February 2026, Ghana's government announced comprehensive cocoa sector reforms including a producer price adjustment mechanism guaranteeing farmers a minimum of 70 per cent of the gross FOB price, a shift to domestic cedi-denominated financing, a mandate to process at least 50 per cent of cocoa locally from the 2026/27 season, and COCOBOD balance sheet restructuring.
The ISEAL Global Sustainability Symposium convened in Accra to discuss Ghana's policy leadership on sustainable supply chains, with speakers from COCOBOD and cocoa farming communities sharing experiences in strengthening traceability, forest governance and sustainable cocoa production.
Gold Fields Ghana Foundation's Cocoa Farmers Support Programme has provided cocoa production inputs and technical support to 205 farmers across communities in the Tarkwa catchment area, including 105 newly enrolled farmers and 100 admitted in 2025, each receiving supplies for a four-acre farm.
The Gold Fields Ghana Foundation has expanded its Cocoa Farmers Support Programme to benefit 205 cocoa farmers in the Tarkwa catchment area, with 105 new enrollees joining 100 existing farmers. Beneficiaries receive approved cocoa production inputs and technical support over three production cycles, including insecticides, fertilizer, and fungicides for four-acre farms.
An opinion piece argues that debate over the Bank of Ghana's published financial reports has become politicized rather than focused on substantive accounting and economic analysis, with critics using standards inconsistently depending on their political position.
Ghana and the United Kingdom are holding an investment summit in London themed "The Reset Agenda: Restoring Investor Confidence to Unlock Opportunities and Shared Prosperity," with a focus on repositioning Ghana's cocoa sector. The Cocoa Marketing Company, Ghana's sole authorized cocoa exporter, is working to convert the country's reputation for premium cocoa into investment opportunities across the value chain, moving beyond raw commodity exports.
Ghana will host the ISEAL Global Sustainability Symposium on 9 June 2026 in Accra, bringing together supply chain leaders, policymakers and sustainability experts as the EU's Deforestation Regulation takes full effect by 30 December 2026. The summit will focus on making supply chains more resilient and equitable amid climate shocks, market volatility and tightening regulation.
Ghana's Court of Appeal unanimously overturned the Bank of Ghana's 2019 decision to revoke GN Savings and Loans Company Limited's operating licence, ruling the revocation was unfair and unreasonable and ordering the return of the institution's assets and operations to shareholders. The ruling marks a significant legal challenge to the 2017–2020 financial sector clean-up and a vindication for Dr. Papa Kwesi Nduom.
Ghana has successfully concluded its 17th Extended Credit Facility programme with the IMF ahead of schedule, marking an economic turnaround with falling inflation, a stabilized cedi, improving credit ratings, and gross international reserves of nearly US$14.5 billion. The country will now transition to a 36-month Policy Coordination Instrument focused on sustaining reforms and protecting economic gains.
Ghana has replaced its three-year IMF Extended Credit Facility with a Policy Coordination Instrument (PCI), marking symbolic progress after sovereign default and debt restructuring. However, the PCI is fundamentally a credibility tool rather than an economic stimulus, and judging it by growth expectations risks misleading national conversation about its actual purpose.
Ghana's non-traditional exports reached US$5.01 billion in 2025, a 30.7 per cent year-on-year increase, driven by a structural shift toward processed cocoa products rather than raw beans. Cocoa paste generated nearly US$790 million, while cocoa butter and cocoa powder exceeded 100 per cent growth compared to the previous year, reflecting expanded domestic processing capacity.
Ghana has secured IMF staff-level backing for a three-year Policy Coordination Instrument, transitioning from crisis-era financing under the Extended Credit Facility toward a reform-focused framework. The IMF Executive Board is expected to consider the arrangement by end of July, marking Ghana's move away from bailout financing after entering a US$3 billion ECF programme in 2023 following a debt and currency crisis.
The International Monetary Fund has pushed Ghana to accelerate private sector participation in the Electricity Company of Ghana's operations, warning that persistent energy sector problems threaten public finances and economic stability. The IMF identified tackling ECG's distribution and collection losses, enhancing payment discipline, and clearing legacy arrears as priority reforms needed to protect public resources.
The International Monetary Fund says Ghana's economic recovery programme has delivered "substantial stabilisation gains," with falling inflation, stronger fiscal performance and improved foreign reserves, though it cautions against reversing reforms amid global economic uncertainty.
Ghana, the world's second-largest cocoa producer, will start selling $1 billion of bonds from July to fund cocoa bean purchases for the 2026-27 harvest season, with issuances in three tranches of about $330 million each. The move aims to shift cocoa financing from foreign loans to local capital markets and reduce dollar risk.
CARE International and Cargill have officially launched the fourth phase of the PROSPER cocoa-sector development project at inception events in the Western North region, expanding to 20 additional communities in Sefwi Akontombra, Bibiani-Anhwiaso-Bekwai, and Sefwi Wiawso. The third phase reached over 364,000 people across 265 communities and delivered improvements in women's economic empowerment, food security, and market access.
Ghana's state-owned Producer Buying Company has accumulated 673 million cedis in debt and is unable to purchase cocoa from farmers, with some owed 24 million cedis for over 9,000 bags already delivered. A consortium of Ghanaian banks secured a court order in March to sell off the company's assets, while thousands of smallholder farmers remain unpaid for beans delivered since November 2025.
Ghana's Cocoa Marketing Company Managing Director presented President Mahama's plan to process 50% of Ghana's cocoa domestically at the London Stock Exchange, citing the country's 13 processing companies with 500,000 tonnes of combined capacity and the fact that approximately 70% of Ghana's 650,000–800,000 tonnes annual harvest currently leaves as raw beans.
The Bono Regional Minister warned cocoa smuggling syndicates and licensed buying companies to cease smuggling operations or face legal consequences. The warning followed the impounding of 100 bags of cocoa beans and arrest of four suspects in Dormaa West District, amid findings that some companies purchase cocoa from farmers below official prices and apply unjustified deductions.