DR. ATO FORSON ANNOUNCES NEW GHANA COCOA BOARD BILL TO REFORM AND BOOST COCOA SECTOR

The Minister for Finance, Hon. Dr. Cassiel Ato Forson, has announced that the government will submit a new Ghana Cocoa Board Bill to Parliament to repeal and replace the Ghana Cocoa Board Act, 1984 (PNDC Law 81) as part of efforts to modernize the governance and financing of the cocoa sector.

Presenting the 2026 Mid-Year Budget Review in Parliament, Ato Forson said the proposed legislation will introduce comprehensive reforms aimed at improving financial sustainability, increasing returns to cocoa farmers, and strengthening value addition within the industry.

A key feature of the Bill is the introduction of a dynamic producer pricing mechanism, which will align cocoa producer prices with international market prices, exchange rate movements, and prevailing market conditions.

The Finance Minister also announced that the proposed law will guarantee cocoa farmers not less than 70% of the gross Free on Board (FOB) price, ensuring they receive a greater share of export earnings.

To promote industrialization and create more value within the country, Ato Forson said the Bill will require that at least 50% of Ghana's raw cocoa beans be processed locally before export.

He further disclosed that the legislation will establish a modern financing framework for COCOBOD's operations while prohibiting the Board from engaging in quasi-fiscal activities, a move intended to improve financial discipline and operational efficiency.

According to Ato Forson, the proposed reforms are expected to place Ghana's cocoa sector on a stronger financial footing, improve the livelihoods of cocoa farmers, expand local processing capacity, and position the industry for sustainable long-term growth. The Minister said the government remains committed to restoring COCOBOD's financial health while ensuring the sector continues to play a vital role in Ghana's economic development.