Finance Minister, Ato Baah Forson has announced that cocoa farmers who are owned and have been agitating over the past weeks will be paid immediately.
According to the minister, the Dr Randy Abbey-led COCOBOD has been instructed to do this from tomorrow, Friday, January 13.
Meanwhile, the Minister has also announced the reduction of producer price of cocoa for the remainder of the 2025/2026 crop season, setting it at GH¢2,587 per bag, down from the GH¢3,625 set at the start of the season.
He disclosed this at a press briefing today, February 12, following an emergency Cabinet meeting convened to address the deepening crisis in the cocoa sector on Wednesday.
The price reduction is a direct response to a volatile international market. While cocoa prices reached historic highs of over $12,000 per tonne in late 2024, they have since plummeted by over 63% year-on-year, trading around $3,772 per tonne as of February 2026.
The Finance Minister revealed that Cabinet approved comprehensive reforms to guarantee fair prices to cocoa farmers, secure the financial viability of the cocoa sector, and ensure the long-term sustainability of the industry.
“To bring relief to unpaid cocoa farmers, Cabinet has accordingly directed the Ghana Cocoa Board to commence immediate payment of all affected cocoa farmers,” he added.
The emergency Cabinet meeting called by President John Dramani Mahama, on Wednesday, February 11, highlights the urgency with which the administration is treating the crisis.
The emergency measures come as thousands of cocoa farmers across the country have been left unpaid for months, with some struggling to afford even basic meals.
COCOBOD is currently grappling with approximately 50,000 metric tonnes of unsold cocoa at ports, while Licensed Buying Companies (LBCs) are owed about GH¢2.04 billion ($185 million) by the regulator.
Some farmers have not been paid since November 2025, forcing many to limit meals, withdraw children from school, and abandon basic farm maintenance. The crisis has also led to reports of farmers detaining purchasing clerks over unpaid cocoa.
The payment delays stem from a combination of factors, including the collapse of international funding, a mismatch between Ghana’s farmgate price and plummeting global cocoa prices, and legacy forward sales contracts signed at historically low prices.
As part of the reforms, the government will present a new Cocoa Board bill to Parliament to implement an automatic adjustment of producer prices.
The proposed legislation will align cocoa producer prices with movements in the world market price, exchange rate, and other key variables.
Crucially, the new bill will guarantee a minimum of 70% of the gross FOB (Free on Board) price to be paid to cocoa farmers.
“Cabinet has therefore decided on the following reforms to guarantee a fair price to the cocoa farmer, secure the financial viability of the cocoa sector, and ensure the long-term sustainability of the cocoa industry,” Dr Ato Forson stated.
By Gifty Boateng