COCOBOD announces salary cuts, cost controls as revenue pressures mount

COCOBOD’s Executive Management and Senior Staff have announced salary reductions for the remainder of the 2025/26 crop year, citing liquidity challenges in the cocoa industry.

In a statement issued Monday, February 16, 2026, COCOBOD said its Executive Management has taken a 20% pay cut, while Senior Staff have accepted a 10% salary reduction.

The institution said the move is part of a broader cost-cutting drive to reduce expenditure and align operational costs with revenue.

“The Executive Management and the Senior Staff of COCOBOD have, effective today, Monday, February 16, 2026, reduced their salaries for the remainder of the 2025/26 crop year in recognition of the current liquidity challenges in the cocoa industry,” the statement said.

COCOBOD added that the pay cuts, alongside other measures, are intended to ease pressure on its finances.

This decision and other cost-cutting measures in procurement and a staff rationalisation exercise are aimed at reducing the overall expenditure of COCOBOD and aligning costs with revenue,” the statement added.

The announcement comes at a time when the cocoa sector is under growing strain, with rising operational costs, concerns over farmer welfare, and intensified public scrutiny over cocoa pricing and COCOBOD’s financial position.

In recent weeks, the cocoa industry has been at the centre of national debate, following tensions over producer prices and the broader sustainability of cocoa farming. Industry watchers have also pointed to the burden of financing cocoa purchases, operational costs, and the impact of global price volatility on revenue flows.

COCOBOD’s decision to cut salaries at the top is therefore being framed as an internal response to cash pressures affecting the sector, while management is pushing to contain costs through procurement reforms and workforce adjustments.

The statement, issued by the Chief Executive, did not provide details on the size of the liquidity gap or the amount of savings expected from the salary reductions.

However, it signals leadership’s effort to demonstrate shared sacrifice as the institution pursues broader restructuring measures during the crop season.

COCOBOD also indicated that the salary cuts will remain in place until the end of the current crop year.