Minority urges Mahama to sack COCOBOD CEO over cocoa price cut

The Minority in Parliament on Thursday (12 February) called on President John Dramani Mahama to dismiss the Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, following a sharp cut in the producer price of cocoa.

The opposition lawmakers said the 28.6% reduction in the farmgate price would worsen conditions for more than one million cocoa farmers and their families.

The government on Thursday announced a new producer price of 41,392 cedis ($) per tonne, or 2,587 cedis per bag, for the remainder of the 2025/2026 crop season, effective immediately.

The revised rate replaces the 51,660 cedis per tonne set at the start of the season.

Kojo Oppong Nkrumah, Ranking Member on Parliament’s Economy and Development Committee, told journalists in Accra that the decision placed an unfair burden on farmers already grappling with rising input costs and economic pressure.

“This places an unfair burden on our cocoa farmers, who are already struggling with rising costs,” he said, adding that the Minority would support any farmer-led protests against the reduction.

Finance Minister Cassiel Ato Forson defended the move, saying the adjustment was necessary due to shifts in global cocoa market conditions. He said the measure was aimed at stabilising the sector, restoring confidence and ensuring timely payments to farmers.

The price cut comes amid broader reforms in the cocoa sector, including cost-cutting measures and a planned forensic audit of COCOBOD, as the government seeks to address mounting financial pressures within the industry.

Ghana is the world’s second-largest cocoa producer, and the crop remains a key source of foreign exchange and rural employment.