Accra: The Majority in Parliament has raised concerns about the financial stability of the Ghana Cocoa Board (COCOBOD), emphasizing the need for a substantial capital infusion of GHS30 billion to maintain its solvency. This urgent call for funding highlights the critical challenges facing the state agency responsible for managing Ghana's cocoa industry.
According to Ghana Web, Isaac Adongo, the Member of Parliament for Bolgatanga Central, informed journalists about a significant financial shortfall in COCOBOD's accounts, which poses a threat to its liquidity. The revelation has sparked discussions on the sustainability and future operations of the agency.
In response to these financial challenges, COCOBOD has initiated a series of internal cost-cutting measures aimed at reducing its monthly expenditures by approximately GHS5 million. Among the implemented austerity measures is a 20 percent reduction in the remuneration of executive management and a 10 percent cut for senior staff. These adjustments will be in effect for the remainder of the 2025/2026 cocoa season, as part of the Board's efforts to stabilize its financial situation.