Princess Avenyoh
Finance Minister, Dr. Cassiel Ato Forson has revealed that the current administration inherited a cocoa sector burdened with debts totaling GH¢32 billion.
Presenting the 2025 Mid-Year Budget Statement to Parliament on Thursday, July 24, Dr. Forson described the financial situation at Ghana Cocoa Board (COCOBOD) as alarming and unsustainable.
“We inherited a debt-ridden cocoa sector with liabilities of GH¢32 billion,” he said. “This posed a significant threat to the sector’s viability and to the livelihoods of thousands of cocoa farmers.”
According to him, the debt arose from poor financial management practices, excessive borrowing and operational inefficiencies within COCOBOD over the years.
He explained that these financial constraints resulted in delayed payments to cocoa farmers and contractors, reduced investments in infrastructure, and a setback to sustainability initiatives.
To address the crisis, the Finance Minister outlined a series of interventions being implemented by the government.
These include financial audits, debt restructuring and reforms aimed at boosting transparency, efficiency and support for farmers.
Dr. Forson reaffirmed the government’s commitment to restoring the cocoa sector as a key pillar of Ghana’s economy.
Ensuring long-term stability and improved welfare for those who depend on it.