The Head of Corporate Communications for the Ghana Cocoa Board, Sam Jerome, has explained the rationale behind controversial salary reductions for senior and management staff, saying the decision is rooted in an unprecedented collapse in world cocoa prices.
Speaking on AM Show, Jerome said the current situation — in which international cocoa prices have fallen dramatically — demanded tough choices by COCOBOD to keep the industry afloat.
“It is a fact that the prices of cocoa on the international market has plummeted… it has never been the case that the price of cocoa on the international market has gone below the farm gate price that we have set,” Jerome said in an interview .
His comments come as the Board implements a range of cost-cutting measures, including a 10–20 per cent salary cut for senior and executive staff, as part of efforts to manage liquidity pressures within the cocoa sector. The move has drawn pushback from labour unions, who argue it was implemented without proper consultation.
Jerome’s remarks attempt to contextualise COCOBOD’s internal decisions against the broader backdrop of a severe downturn in global cocoa markets.
Ghana recently adjusted its farmgate price for cocoa to GH¢41,392 per tonne (or GH¢2,587 per 64 kg bag) for the remainder of the 2025/26 crop season — a roughly 28 per cent cut from earlier projections — after world prices dipped sharply. This reset, announced on 12 February 2026, was intended to align domestic pricing with what buyers are willing to pay internationally and to unlock liquidity for purchases and payments to farmers.
The cocoa sector has been at the centre of national debate in recent weeks. In addition to pricing adjustments and internal cost-savings, stakeholders have debated structural reforms, with some voices calling for clearer separation of regulatory and commercial functions within COCOBOD.
Despite the challenges, government and COCOBOD officials maintain that recent reforms — including linking prices more flexibly to international markets and promoting local processing — will strengthen Ghana’s cocoa value chain over time.
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Source: www.myjoyonline.com
