COCOBOD DEBT CRISIS: EXCESS DEBTS TO SUPPLIERS UNPAID, SAYS DEPUTY FINANCE MINISTER

Deputy Minister of Finance, Hon. Thomas Nyarko Ampem, has told Parliament that mismanagement of Cocobod’s finances between 2021 and 2024 left the board unable to pay suppliers of fertilisers and agro chemicals, despite record levels of procurement.

Speaking in the chamber during question time, he said Cocobod contracted quantities far beyond its budgetary capacity during the period.
“For the 2021-2022 crop year, Cocobod procured agro chemicals valued at 455.7 million USD, while only 312.8 million USD was provisioned in the budget,” he stated. 
“Those chemicals were not paid for. 

Yet Cocobod continued to procure additional quantities in 2022, 2023 and 2024, all above the budgeted amount each year.”

Hon. Ampem Darko cited the 2023-2024 season as the most extreme example: “While 76.5 million dollars was provisioned in the budget, Cocobod contracted about 668.6 million dollars in agro chemicals.”

“Mr. Speaker, ironically, while procurement of fertilisers and agro chemicals was increasing, cocoa production was declining. 
This raises serious questions as to what these fertilisers and agro chemicals were used for,” he told the House.

The Deputy Finance Minister said the debt to suppliers forms part of the larger financial challenge inherited in the cocoa sector. “Cocobod’s indebtedness to suppliers of fertilisers and agro chemicals between 2021 and 2024 is part of the much larger financial challenge inherited in the cocoa sector,” he noted.

On remedial steps, Hon. Thomas Ampem Darko said the current administration has begun settling the arrears. “Mr. Speaker, from January 2026 to date, Cocobod has paid a total of 74.5 million dollars to agro chemical and fertiliser suppliers,” he revealed.

He added that restoring Cocobod’s finances will require discipline, accountability, and aligning procurement with actual production needs and budget capacity.