Finance Minister Dr. Cassiel Ato Forson has announced plans for new legislative reforms targeting the Ghana Cocoa Board (COCOBOD), as the government seeks to restructure the cocoa sector, enhance financial sustainability, and accelerate local value addition. The initiative comes amid intensified calls from the International Monetary Fund for structural changes at COCOBOD to cut operational costs, boost efficiency, and restore long‑term financial stability.
Speaking at the Ishmael Yamson & Associates Business Roundtable, Dr. Forson emphasised that the reforms are intended to reposition COCOBOD rather than dismantle it. “The government has taken a decision to reform the cocoa board. I will be going to Parliament in the coming weeks to introduce a new bill that will reform and restructure the cocoa board,” he stated.
The proposed reforms are expected to deepen ongoing efforts to overhaul the cocoa financing framework, improve operational efficiency and strengthen value addition across the sector. Already, the IMF has backed Ghana’s cocoa sector stabilisation measures and called for decisive implementation of COCOBOD’s turnaround strategy, including reforms to strengthen financial oversight and reduce quasi-fiscal activities.
Dr. Forson further indicated that the government intends to significantly increase domestic cocoa processing as part of a broader industrialisation agenda. “For example, the bill was set to make sure that at least 50% of our raw cocoa is processed locally.”
He noted that Ghana can no longer sustain a model centred largely on exporting raw cocoa beans without capturing higher value within the supply chain. “We’ve been shipping out our cocoa for too long and so we want to stop that.” “Cocoa board needs reforms. I do not believe in scrapping it, but I believe that we need to reform the cocoa board.”
According to him, despite its longstanding role as a major foreign exchange earner for Ghana, COCOBOD has suffered governance and operational setbacks that now require structural intervention. “Cocoa board has served Ghana well. It has been a major source of foreign exchange. It has obviously suffered some mismanagement. It’s a fact that we need to recognise.” The Finance Minister disclosed that government will in the coming weeks lay before Parliament a new bill aimed at reforming the structure and operations of COCOBOD.
Source: Emmanuel Oppong
