Mahama calls emergency Cabinet session over cocoa sector crisis

President John Dramani Mahama has called an emergency Cabinet meeting to address challenges in the cocoa sector, the Minister of State in charge of Government Communications, Felix Kwakye Ofosu has announced.

The meeting, scheduled for Wednesday, February 11, 2026, comes as the sector faces delayed payments to farmers, unsold cocoa beans at the ports and financing constraints affecting Licensed Buying Companies.

The Chief Executive of COCOBOD, Mr Randy Abbey, acknowledged on February 6, 2026, there were difficulties with payments.

“Cocoa farmers deserve an apology,” Mr Abbey said at a media briefing and added that COCOBOD, the Ministry of Finance and the government were working to address the issues.

Industry players have said thousands of farmers have experienced delays in receiving payment for cocoa delivered since November 2025.

The Minority Caucus in Parliament has said COCOBOD owes Licensed Buying Companies more than GH¢10 billion for cocoa already delivered.

Mr Abbey said at a press conference that although COCOBOD has sold more than 530,000 tonnes this season, about 50,000 metric tonnes remain at the ports without buyers.

The challenges relate partly to pricing conditions on the world cocoa market. Ghana pays farmers about GH¢58,000 per tonne, while world prices were around $4,200 per tonne as of February 6, 2026, representing a 57 per cent decline from the same period last year. Ghana’s total production and export costs stand at about $6,300 per tonne.

Ghana’s cocoa financing system has changed in recent seasons. The traditional syndicated loan arrangement was not available for the 2024 2025 season, leading to the use of alternative financing models, including a 60 40 arrangement and later an 80 20 model for the current season.

The Cabinet meeting is expected to consider payment options, review pricing arrangements and examine longer-term financing measures for the cocoa sector.