The Government has announced plans to restructure the GH¢5.8 billion debt burden of the Ghana Cocoa Board (COCOBOD) as part of broader efforts to stabilise Ghana’s cocoa sector and restore financial discipline within the state agency.
Officials say the move forms part of a comprehensive strategy to ease COCOBOD’s mounting financial pressures, streamline its operations, and ensure long-term sustainability in the management of the country’s cocoa industry.
Debt Restructuring to Ease Financial Strain
According to government sources, the restructuring plan will involve renegotiating existing obligations, improving repayment terms, and aligning COCOBOD’s liabilities with realistic revenue projections.
The GH¢5.8 billion debt has raised concerns about the Board’s financial health, especially at a time when global cocoa prices and domestic production challenges continue to affect earnings.
Authorities maintain that the restructuring will not only provide breathing space for the institution but also protect cocoa farmers and safeguard Ghana’s position as a leading cocoa producer globally.
Tighter Financial Oversight and Governance Reforms
In addition to the debt restructuring, the Government has pledged to introduce stricter oversight mechanisms to prevent future fiscal slippages. These reforms are expected to strengthen internal controls, enhance transparency in procurement processes, and improve accountability in the management of funds.
Officials emphasised that improved governance structures would ensure that resources are channelled efficiently toward farmer support programmes, productivity enhancement, and sector development initiatives.
Safeguarding the Cocoa Sector
The cocoa industry remains a critical pillar of Ghana’s economy, providing livelihoods for hundreds of thousands of farmers and contributing significantly to foreign exchange earnings.
Government representatives insist that the restructuring exercise is not merely a financial adjustment but a strategic intervention aimed at repositioning COCOBOD for efficiency, sustainability, and resilience.
Stakeholders within the sector are expected to be engaged as the restructuring process unfolds, with assurances that farmers’ interests will remain central to all reforms.
The announcement signals a renewed commitment by the Government to restore confidence in the cocoa sector and ensure that COCOBOD operates on a sound financial footing moving forward.
