Ghana’s cocoa farmers lose $4,000 per ton as Cocobod’s debt climbs to GH¢32.5bn - Ato Forson

Ghana’s cocoa industry is in severe financial distress, with the Ghana Cocoa Board (Cocobod) accumulating GH¢32.5 billion in debt, Finance Minister Dr. Cassiel Ato Forson has disclosed.

He warned that this growing financial burden, coupled with major revenue losses, threatens the livelihoods of thousands of cocoa farmers.

Speaking at the National Economic Dialogue (NED) 2025 in Accra on Monday, March 3, Dr Forson revealed that cocoa production has declined by nearly 50% over the past three years, making it difficult for Cocobod to meet its commitments.

“In the 2023/2024 crop season, Cocobod failed to supply 330,000 tons of cocoa for its contracted deliveries, resulting in huge financial losses,” he said.

He further explained that Ghanaian farmers are losing $4,000 per ton of cocoa sold due to restrictive contract agreements.

“Because of the ROVER contracts, we cannot offer farmers competitive prices, which has driven up smuggling to Togo and Côte d’Ivoire,” he added.

Dr Forson also expressed concerns over Cocobod’s unbudgeted expenditures, describing them as a major risk to public finances.

He revealed that GH¢9.7 billion of Cocobod’s debt is due for payment by September 2025, and urged a complete restructuring of the institution to protect farmers and restore financial stability.