Accra, Ghana – August 14, 2025 – The Ghana Cocoa Board (COCOBOD) has held a high-level meeting with commercial banks in the country to deliberate on strategic measures aimed at ensuring a smooth and profitable 2025/2026 cocoa season, which officially commenced on August 7, 2025.
The engagement brought together senior executives from COCOBOD, the Cocoa Marketing Company (CMC), and key representatives from Ghana’s leading commercial banks. Discussions focused on critical issues such as cocoa pricing, financing packages for Licensed Buying Companies (LBCs), and long-term strategies to strengthen operational and financial stability in the cocoa sector.
A Renewed Commitment to Transparency and Collaboration
Opening the meeting, the acting Deputy Chief Executive in charge of Finance and Administration, Mr. Ato Boateng, underscored the importance of sustained collaboration between COCOBOD and the financial sector in safeguarding the future of Ghana’s cocoa industry.
According to him, the meeting reflected COCOBOD’s renewed commitment to transparency, accountability, and open dialogue with financial partners. He stressed that the cocoa industry’s progress depends on strong partnerships that ensure farmers, buyers, and financiers all benefit from a stable and well-functioning value chain.
Mr. Boateng outlined a comprehensive turnaround strategy designed to address recent challenges in the cocoa sector, including production declines, fluctuating global prices, and high operational costs.
“Our strategy is to reverse the decline in production, improve Free-On-Board (FOB) prices, reduce operational costs, ensure fiscal discipline, achieve profitability, and restore positive equity. Most importantly, we are committed to ensuring that cocoa farmers — the backbone of this industry — benefit directly from these reforms,” he stated.
Focus on Value Chain Sustainability
The acting Deputy Chief Executive emphasized that sustainability along the cocoa value chain remains central to COCOBOD’s agenda. He called on commercial banks to extend financial support to Licensed Buying Companies, input suppliers, and other value chain actors to ensure smooth operations during the new season.
Mr. Boateng noted that the 2025/2026 season would see continued implementation of the new funding model introduced in the previous year. The model prioritizes faster payments to LBCs by ensuring that Cocoa Taken-Over Receipts (CTORs) are processed promptly. This, he said, shortens the payment cycle and guarantees uninterrupted cocoa purchases, especially during peak harvest periods.
“We learned valuable lessons from last season. The new funding model is designed to avoid delays in paying our LBCs, which will, in turn, ensure that farmers are paid promptly for their produce,” he explained.
Debt Repayment and Fiscal Realignment
In a bid to strengthen COCOBOD’s financial health, Mr. Boateng disclosed that provisions have been made to repay part of the Board’s outstanding debt. This debt, accumulated over previous years, has been a major concern for industry stakeholders and financiers.
He further revealed that the Government of Ghana has directed COCOBOD to withdraw from quasi-fiscal activities — non-core projects that drain resources — and focus strictly on its primary mandate of regulating and promoting the cocoa industry.
This directive, he said, is expected to free up significant resources for investments that directly benefit cocoa farmers and improve sector efficiency.
Banks Pledge Support for Cocoa Sector Reforms
Representatives from the commercial banks present at the meeting described the engagement as timely, strategic, and constructive. They commended COCOBOD’s renewed focus on transparency, fiscal discipline, and market-driven reforms.
The bankers reaffirmed their readiness to collaborate closely with COCOBOD to provide the necessary financing for LBCs, input suppliers, and exporters throughout the value chain.
“The cocoa industry is a key pillar of Ghana’s economy. As financial institutions, we see this collaboration not just as a business opportunity, but as a national responsibility,” one bank representative said.
They acknowledged that a stable and profitable cocoa industry will boost investor confidence, strengthen the Ghanaian economy, and protect the livelihoods of hundreds of thousands of farmers.
The Broader Economic Context
Ghana remains the world’s second-largest cocoa producer after Côte d’Ivoire, with cocoa exports providing a significant share of foreign exchange earnings. However, the sector has faced recent challenges, including erratic weather patterns, aging cocoa farms, and global price volatility.
COCOBOD’s new strategy — particularly its focus on timely payments, debt reduction, and targeted investments — is aimed at stabilizing the sector and ensuring long-term competitiveness in the global market.
Industry analysts say that partnerships between COCOBOD and the banking sector are crucial, especially in mobilizing the capital needed for farm rehabilitation, fertilizer distribution, and other input support programs.
Looking Ahead to the 2025/2026 Season
With the new cocoa season underway, expectations are high that the coordinated approach between COCOBOD and its financial partners will yield positive results. The early start to financial planning is expected to prevent cash flow bottlenecks that have historically slowed down cocoa purchases and payments to farmers.
Mr. Boateng assured stakeholders that COCOBOD would continue to engage regularly with industry partners to review progress and address challenges in real-time.
“This is not a one-off engagement. We will maintain continuous dialogue with our banking partners and all stakeholders to ensure the success of the 2025/2026 cocoa season. Our farmers deserve nothing less,” he said.
Commitment to Farmers’ Welfare
Beyond financial reforms, COCOBOD says it is also prioritizing programs that directly improve farmers’ welfare, including productivity-enhancing training, disease control initiatives, and expanded access to improved seedlings.
Stakeholders agree that boosting production while ensuring fair pricing for farmers will be the most sustainable way to grow Ghana’s cocoa industry. The success of the 2025/2026 cocoa season will therefore depend on how well these measures are implemented on the ground.
About COCOBOD
The Ghana Cocoa Board (COCOBOD) is the statutory body responsible for the production, processing, and marketing of cocoa, coffee, and shea in Ghana. Through its subsidiaries and partner agencies, COCOBOD works to maintain Ghana’s position as a leading producer of premium cocoa while ensuring fair income and improved living standards for farmers.
