COCOBOD Cuts Salaries of Executive Management to Tackle the Cocoa Sector Crisis

• COCOBOD has announced a 20 per cent salary reduction for its executive management in response to liquidity challenges in the cocoa sector
• The pay cuts, which take immediate effect, will remain in place for the rest of the 2025/2026 cocoa season
• The Board said the move forms part of broader cost-containment measures aimed at aligning expenditure with revenue

The Ghana Cocoa Board (COCOBOD) has announced salary reductions for its executive management in response to ongoing liquidity challenges within the cocoa sector.

In a press statement released on Monday, 16 February 2026, COCOBOD stated that the pay cuts will take immediate effect and will remain in place for the remainder of the 2025/2026 season.

According to the statement, the salaries of its executive management will be slashed by 20 per cent.

COCOBOD explained that the pay cuts form part of broader cost-cutting measures aimed at aligning its expenditure with revenue.

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"This decision, together with other cost-cutting measures in procurement and a staff rationalisation exercise, is aimed at reducing the overall expenditure of COCOBOD and aligning costs with revenue," portions of the statement read.

The decision comes amid the ongoing crisis in Ghana's cocoa industry, which is marked by rising operational costs, financial pressures, concerns over farmer welfare, and intensified public scrutiny from members of the opposition New Patriotic Party (NPP).

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What are the issues affecting Ghana’s cocoa sector?

Ghana’s cocoa sector is undergoing a major overhaul, driven by a global price slump and a debt crisis at the Ghana Cocoa Board (COCOBOD).

Addressing a press conference on 12 February 2026, the Finance Minister, Dr Cassiel Ato Forson, announced that the government would slash the producer price of cocoa beans for the remainder of the 2025/2026 season.

The new price, he said, will be GH¢2,587 per bag (GH¢41,392 per tonne), down from the previous GH¢3,625 per bag promised in 2025.

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Dr Ato Forson explained that global cocoa prices had fallen by nearly 70 per cent from their late-2024 peak, dropping below the US$6,400 per tonne needed to cover farm-to-port costs.

To soften the blow, he said farmers would receive 90 per cent of the gross Free On Board (FOB) price, exceeding the standard 70 per cent minimum.

The Finance Minister also announced a draft set of reforms the government intends to roll out to defray COCOBOD’s outstanding debt of approximately GH¢32 billion.

In addition, President John Mahama has directed the Attorney-General to conduct a criminal investigation and forensic audit into COCOBOD’s operations over the past eight years.

For Dr Bannor, these issues are more pressing and deserve the attention of the citizenry more than conversations about the Russian man’s escapades with Ghanaian women.

Captain Smart calls for reshuffle at COCOBOD

In a related development, YEN.com.gh reported that Captain Smart had called for a major reshuffle at the Ghana Cocoa Board amid struggles with paying farmers in the sector.

The broadcaster also criticised the alleged concerns over the influence of First Lady Lordina Mahama at the cocoa board.

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Captain Smart also warned against the misuse of the First Lady's name for political gain amid speculation on the matter.

Source: YEN.com.gh