Kojo Oppong Nkrumah is the Minority Spokesperson on Parliament’s Economy and Development Committee
The Minority Spokesperson on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, has alleged that the Ghana Cocoa Board (COCOBOD) owes Licensed Buying Companies (LBCs) approximately GH¢10 billion for cocoa beans supplied since November 2025.
Addressing the issue on TV3’s Hot Issues on February 2026, Oppong Nkrumah said the Minority caucus confirmed the figure after engagements with the LBCs.
“From November 2025, the LBCs have been buying cocoa. We are told about GH¢10 billion worth of cocoa have been taken up by the LBCs and they can’t pay for it.
“This GH¢10bn is from November 2025 to now. Cocoa that they have taken from about 1 million cocoa farmers across the country at the price of GH¢3,625 per bag, put it together, the estimate is about GH¢10bn. That is what the LBCs are telling us,” he stated.
COCOBOD recently announced it had paid a total of GH¢1.091 billion to LBCs, comprising an initial GH¢237 million for 50,000 metric tonnes of cocoa and a subsequent disbursement of GH¢854 million.
However, Oppong Nkrumah described the payments as “a drop in the ocean” when compared to the total amount owed.
“If you owe GH¢10bn and you make an announcement that you have paid GH¢1.2bn, it is a drop in the ocean,” he said.
The MP emphasised that the government’s immediate priority should be to settle the outstanding debts to LBCs, rather than announcing future reforms for the cocoa sector.
“Don’t tell me about reforms for the future when you haven’t dealt with even 30% or 20% of the current debt that you have taken from the current cocoa farmers which you have not serviced,” he said.
Oppong Nkrumah also urged the government to clarify the exact amount owed and to outline a concrete strategy for completing the payments.
“So, if you have paid GH¢1.2bn, tell us what is the actual figure and what is the strategy to complete that payment now before you get into the other matters,” he added.
ID/AE
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Source:
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