His remarks come in the wake of the government’s decision to maintain the cocoa producer price at GH¢41,392 per tonne, equivalent to GH¢2,587 per bag, for the remainder of the 2025/2026 crop season, a move that has sparked concerns among cocoa farmers and industry stakeholders.

In response to the concerns, a Minority Select Committee was formed to tour cocoa-growing communities and engage directly with farmers on issues affecting the sector. The committee, led by Minority Chief Whip Frank Annoh-Dompreh, gathered views and recommendations from cocoa farmers across the country.

Speaking during the presentation of the committee’s report, Dr. Bawumia said the findings would be submitted to the party’s Policy Committee on Agriculture, Food Security and Agribusiness for a comprehensive review.

According to him, the committee will be tasked with consulting industry experts and developing practical, costed policy proposals to address the concerns raised by cocoa farmers.

“What I am looking at with the presentation of this report is to take this Select Committee report to the Policy Committee on Agriculture, Food Security and Agribusiness. We are going to ask this committee to technically review the findings, consult experts in the area, and then bring forward costed policy alternatives for us,” he said.

Dr. Bawumia noted that the proposed alternatives would form part of broader efforts to revitalise the cocoa sector, improve the welfare of farmers and ensure the long-term sustainability of one of Ghana’s most important export industries.

The recommendations are expected to contribute to ongoing national discussions on improving producer incomes, enhancing productivity and strengthening the overall performance of the cocoa sector.

Minister of State in charge of Government Communications, Felix Kwakye Ofosu, announced that the Cabinet has also endorsed what he described as “the most far-reaching reforms in the history of the cocoa sector,” designed to shift Ghana’s focus from exporting raw cocoa beans to value-added production.

The emergency intervention comes after farmers who delivered cocoa beans since November 2025 remained unpaid, with COCOBOD owing Licensed Buying Companies over GH¢10 billion in outstanding payments.

Speaking to the press after the emergency Cabinet session, Kwakye Ofosu revealed that the reforms are designed to achieve substantial growth in domestic cocoa processing.

“We have just concluded a lengthy cabinet meeting, which was an emergency session that discussed the cocoa sector and matters arising there. And at the end of the emergency session, decisive measures have been agreed upon regarding expedited payments of cocoa farmers, regarding the implementation of the most drastic reforms in the cocoa sector,” the Minister stated.

According to Kwakye Ofosu, comprehensive restructuring will be undertaken at COCOBOD to enhance efficiency, transparency, and effective management of the sector.

The Minister for Finance is expected to address the nation on Wednesday at 11:00 a.m., where he will outline the detailed implementation plan and financial framework for the reforms.

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Finance Minister Dr. Cassiel Ato Forson said the planned reforms aim to build a more resilient and value-driven cocoa industry capable of sustaining the economy.

Speaking at a meeting with cocoa processors ahead of a press briefing on Thursday, February 12, Dr. Forson emphasized the need to evaluate local processing capacity as part of a broader strategy to boost value addition.

“The sector has sustained this country for years, created jobs, and been the mainstay of our economy. But it is undergoing challenges that need reform. Reforms will be announced today, and I’m confident that going forward, all of us will be satisfied,” he said.

Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, also highlighted that increasing value addition across the cocoa value chain would generate employment opportunities and help stabilise the local currency.

Meanwhile, COCOBOD Chief Executive Officer Dr. Randy Abbey called for a decisive shift away from the country’s long-standing reliance on exporting raw cocoa beans.

“We intend to change the direction of the cocoa sector. Overreliance on raw beans must end. We need to focus on value addition, job creation, and ensuring farmers receive fair value for their work,” he said.

The announcement was made by the Minister for Government Communications, Felix Kwakye Ofosu, in a post on X, formerly Twitter, on Tuesday.

The meeting is expected to focus on issues affecting cocoa production, marketing and the welfare of farmers.

President Mahama has called an EMERGENCY CABINET SESSION for tomorrow, Wednesday, 11th February, 2026, to address all issues affecting the Cocoa sector.

— Felix Kwakye Ofosu (@FelixKwakyeOfo1) February 10, 2026

The emergency engagement is being held at a time when Ghana’s cocoa industry is under intense strain, driven largely by financing difficulties that have slowed payments to farmers and actors along the value chain, raising fears about the sector’s sustainability.

Industry players say liquidity constraints and delays in settling obligations to cocoa farmers and Licensed Buying Companies (LBCs) are deepening uncertainty and could disrupt operations if urgent steps are not taken.

The Licensed Cocoa Buyers Association of Ghana (LICOBAG) has warned that government must quickly secure funds to purchase about 300,000 tonnes of cocoa beans between now and September to prevent serious shocks to the industry.

The Ghana Cocoa Board (COCOBOD), which oversees cocoa pricing, purchasing and exports, has admitted to the funding shortfall and says it is engaging the Ministry of Finance on possible remedies. These include reconsidering the long-used syndicated loan system that supports cocoa procurement.

Meanwhile, farmers are unhappy with the producer price announced for the 2025/2026 season, arguing that it does not meet expectations and could fuel smuggling while eroding incomes across cocoa-growing communities.

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In a press release dated January 11, 2026, and signed by the Regional Communications Officer, Addo Harry, the party said government attention has shifted away from cocoa in favour of gold trading under the GOLDBOD initiative, to the detriment of Ghana’s traditional foreign exchange earner.

According to the NPP, while the Ministry of Finance has made substantial financial commitments to support GOLDBOD, the Ghana Cocoa Board (COCOBOD) has been left under-resourced, affecting its ability to operate effectively.

The party noted that since November 2025, licensed buying companies (LBCs) have not received sufficient funds to purchase cocoa from farmers at the farm gate.

As a result, it said, many farmers are holding large quantities of bagged cocoa without buyers, forcing them to store their produce for extended periods.

The NPP further raised concerns about what it described as an acute nationwide shortage of cocoa jute sacks. For the first time in decades, buying companies are reportedly unable to access approved jute sacks, compelling farmers and buyers to use fertiliser sacks to store cocoa beans.

The party warned that this practice compromises cocoa quality and violates international standards.

Describing the situation as unacceptable, the NPP called on government and COCOBOD to immediately release adequate funds to LBCs to facilitate cocoa purchases nationwide and to urgently supply jute sacks to all buying companies.

The party cautioned that continued neglect of the cocoa sector could fuel cocoa smuggling to neighbouring countries, worsen poverty among cocoa farmers, and increase the number of farmers leasing or selling their farms to illegal miners.

“Cocoa farmers need prompt payment for their produce, and buying companies need funds and jute sacks to operate effectively,” the statement said, urging authorities to end what it described as the “starvation of the cocoa sector.”

Presenting the 2026 Budget Statement and Economic Policy to Parliament on Wednesday, November 13, Dr. Forson said the sector, once burdened by high debt, smuggling, and weak output, is now on a path to revival.

He revealed that cocoa output rose from 530,783 metric tonnes in 2023/2024 to 603,840 metric tonnes by the end of 2024/2025, driven by targeted anti-smuggling interventions. Production for 2025/2026 is projected at 650,000 metric tonnes, supported by government allocations of GH¢2.4 billion for CODAPEC (mass spraying) and GH¢2.7 billion for free fertiliser distribution.

To further curb smuggling, the government has increased the farm-gate price from GH¢49,600 per metric tonne to GH¢58,000, narrowing price gaps with neighbouring countries.

Dr. Forson also highlighted significant debt reduction achievements, with COCOBOD’s debt falling from GH¢32 billion in March 2025 to GH¢20.6 billion in September 2025, and cocoa roads debt reduced from GH¢21 billion to GH¢6.9 billion following rationalisation efforts.

He added that 243,000 metric tonnes of low-priced forward sales have been settled, with the remaining 90,000 metric tonnes (valued at about US$234 million) set to be regularised in the 2025/2026 crop year.

The Minister further disclosed that legislative processes are underway to amend the COCOBOD Act, 1984 (PNDCL 81) to transfer oversight from the Ministry of Food and Agriculture to the Ministry of Finance, a move aimed at strengthening fiscal risk management and accountability within the sector.

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Factors contributing to this decline include adverse weather conditions, smuggling activities, illegal gold mining, and the prevalence of swollen shoot disease.

Expressing concerns over the production shortfall, the first source informed Reuters that strong seasonal winds and insufficient rainfall have exacerbated the situation, with the current output forecasted to be about 500,000 tons for the season.

Addressing the challenges, the source noted, ‘Unfortunately, the cause of the decline could not be remedied immediately through human intervention.’

In the previous 2022/23 season, COCOBOD reported a loss of around 150,000 tons of cocoa due to smuggling and illegal gold mining, locally known as galamsey. Additionally, the regulator disclosed earlier this month that the cocoa swollen shoot virus had devastated approximately 500,000 hectares of cocoa farmlands.

Efforts to mitigate the production challenges are underway, according to the first source, who mentioned ongoing farm rehabilitation initiatives, the onset of the rainy season, and collaborative efforts with security agencies to curb smuggling activities.

Despite the current predicament, the second source remains optimistic about Ghana’s potential for production recovery. However, COCOBOD was not available for comment on the matter.

The decline in cocoa production from both Ghana and Cote d’Ivoire, coupled with increasing deficits, has propelled global cocoa prices to record highs.

Traders are experiencing heightened demand and pricing volatility, with London cocoa futures surpassing the psychological barrier of £5,000 and New York cocoa breaching the $6,000 mark.

The surge in cocoa prices is beginning to impact retail markets, with chocolate manufacturers such as Hershey anticipating a slowdown in consumer demand due to escalating costs.

Samuel Adimado, the president of Ghana’s cocoa buyers group, described the current production forecast as ‘shattering,’ noting that member firms are adapting their operations to remain viable in the face of these challenges.

Highlighting the concerning trend, the first source emphasised that rising global cocoa prices have incentivised smuggling activities, potentially leading to even higher losses in the current season.