Ghana’s cocoa industry is grappling with a severe financial crisis as production has declined by nearly 50% over the past three years, Finance Minister Dr. Cassiel Ato Forson has revealed.
Speaking at the National Economic Dialogue 2025 in Accra, Dr. Forson disclosed that the Ghana Cocoa Board (Cocobod) is burdened with a staggering GH¢32.5 billion debt, exacerbating the financial challenges facing the sector.
“In the 2023/2024 crop season, Cocobod was unable to supply 330,000 tons of cocoa for its contracted deliveries, resulting in significant financial losses,” he stated.
The minister warned that the mounting debt and declining revenues pose a serious threat to the livelihoods of thousands of cocoa farmers across the country.
Additionally, he highlighted that Ghanaian cocoa farmers are losing approximately $4,000 per ton due to restrictive contract agreements, further deepening their financial struggles.
The crisis in the cocoa sector, a critical pillar of Ghana’s economy, raises concerns about the country’s ability to sustain its position as a leading global cocoa producer. Experts are calling for urgent reforms to stabilize the industry and protect the incomes of cocoa farmers.
