Cabinet has approved sweeping reforms in Ghana’s cocoa sector, including plans to guarantee a minimum of 70 percent of the gross Free On Board (FOB) price to farmers and initiate a forensic audit into the activities of the Ghana Cocoa Board (COCOBOD).
The announcement was made by the Minister for Finance, Dr Cassiel Ato Forson, at a press conference on Thursday, February 12, following an emergency Cabinet meeting.
Among the key reforms is the introduction of a new Cocoa Board Bill aimed at strengthening governance in the sector and ensuring farmers receive not less than 70 percent of the gross FOB price.
In addition, Cabinet has approved a new financing model that will leverage domestic cocoa bonds to improve funding for the sector and address liquidity challenges.
The government has also directed that at least 50 percent of Ghana’s cocoa beans be processed locally beginning from the 2026/2027 crop season, a move intended to boost value addition and create jobs.
Furthermore, Dr Ato Forson disclosed that Cabinet has instructed the Attorney-General to conduct a forensic audit and criminal investigation into COCOBOD’s activities over the past eight years.
The measures, government officials say, are intended to restore confidence in the cocoa sector, improve transparency, and ensure long-term sustainability for farmers and the national economy.
