The cocoa sector remains a cornerstone of Ghana’s economy, serving as a major source of export earnings and livelihoods for millions of Ghanaians, particularly in rural communities, Finance Minister, Dr Cassiel Ato Forson has said.
He makes the point that since the enactment of the Ghana Cocoa Board Act, 1984 (PNDCL 81), the cocoa industry has undergone significant transformation.
To modernise the governance and financing of the sector, he said, the government will submit a new COCOBOD Bill to Parliament to repeal and replace the Ghana Cocoa Board Act, 1984 (PNDCL 81).
Presenting the 2026 mid-year budget statement in Parliament on Thursday, July 23, Dr Ato Forson said that the proposed legislation will introduce a new producer pricing mechanism that aligns producer prices with movements in international cocoa prices, exchange rate developments, and other relevant market conditions.
“We will also guarantee cocoa farmers not less than 70 percent of the gross Free-on-Board (FOB) price,”he said.
He further stated that the Bill will also seek to establish a new financing framework for cocoa purchases and related operations and restore the long-term financial sustainability and operational efficiency of
COCOBOD.
“The Bill will also ensure that not less than 50 percent of cocoa beans produced in Ghana are processed here in Ghana.
“These reforms will place Ghana’s cocoa sector on a stronger financial footing, improve returns to cocoa farmers, ensure value addition, and position the industry for sustainable long-term growth,” he said.
Story by Kofi Nartey
