The Ghana Cocoa Board (COCOBOD)
The Ghana Cocoa Board (COCOBOD) has revealed that its latest decision to cut salaries of its executive management and senior staff could save the Board about GH¢5 million monthly.
On February 16, 2026, COCOBOD announced a 20% and 10% reduction in the salaries of top management and senior staff, respectively, following the reduction in the price of cocoa for the remaining months of the 2025/2026 crop season.
The Board explained that the reductions are due to its current financial challenges.
The move comes amid COCOBOD’s failure to pay arrears owed to farmers and growing calls from industry players, farmers, and the Minority Caucus in Parliament for the Board to reduce the salaries of its management and staff.
COCOBOD management and senior staff take salary cuts
Speaking in an interview on Eyewitness News on February 17, 2026, Jerome Sam, Head of COCOBOD’s Public Affairs, said the salary adjustment is part of efforts to align expenditure with revenue.
He added that the move demonstrates COCOBOD’s resolve in managing its internal crisis and addressing the needs of Ghanaian cocoa farmers.
“From where I sit, tentatively at least, some GH¢5 million can be saved on a monthly basis. So, if you have about eight months to go, you are talking about no less than GH¢40 million, which can be used to defray some of the debt that sits on the books of COCOBOD,” he said.
He also emphasised that COCOBOD management has initiated procurement reforms and a staff rationalisation exercise to help stabilise the Board’s finances.
SP/MA
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Source:
www.ghanaweb.com
