MID-YEAR BUDGET REVIEW: FINANCE MINISTER UNVEILS FISCAL REFORMS TO STRENGTHEN COCOBOD

Date: 26th July 2026

The Minister for Finance, Hon. Dr. Cassiel Ato Forson, has unveiled a package of proposed fiscal reforms aimed at strengthening the financial sustainability and operational efficiency of the Ghana Cocoa Board (COCOBOD), while enhancing returns to cocoa farmers.

Presenting the 2026 Mid-Year Budget Review in Parliament, the Minister announced that the Government intends to introduce legislation that will establish a new pricing mechanism that aligns farm-gate prices with international cocoa prices, exchange rate movements and other relevant market conditions. The proposed legislation will also guarantee cocoa farmers not less than 70 per cent of the achieved Free On Board (FOB) price, reaffirming Government’s commitment to improving farmer incomes.

The Minister further disclosed that the Bill will establish a new financing framework for cocoa purchases and related operations to restore COCOBOD’s long-term financial sustainability and operational efficiency. It will also require that at least 50 per cent of Ghana’s cocoa beans are processed locally, a move expected to promote value addition, create jobs and support industrial growth.

In addition, the proposed legislation will not permit COCOBOD to undertake quasi-fiscal activities, allowing the Board to concentrate on its core mandate of regulating, developing and promoting Ghana’s cocoa sector.

The proposed reforms underscore Government’s commitment to strengthening COCOBOD’s financial position while fostering a more competitive and sustainable cocoa industry.