Government has announced financial and structural reforms in the cocoa sector, including plans to revive the state-owned Cocoa Processing Company (CPC) and restructure billions of cedis in legacy debts owed by the Ghana Cocoa Board (COCOBOD).
Finance Minister Dr. Cassiel Ato Forson at a press briefing on Thursday, February 12, 2026 disclosed that CPC will be revived as a matter of priority to position it as the leading processor of Ghana’s cocoa beans.
According to him, government has already engaged domestic cocoa processors across the private sector, who have expressed readiness to significantly increase local processing capacity.
“I have, this morning, together with my colleague, the Minister responsible for Trade, Agribusiness and Industry, met with domestic cocoa processors… who have indicated that they have the capacity and the willingness to process more than 50 percent of Ghana’s cocoa beans going forward,” he said.
Dr. Forson revealed that an agreement has been reached for the immediate implementation of the policy aimed at boosting local value addition and reducing Ghana’s reliance on raw bean exports.
GH¢5.8bn Debt Conversion
As part of measures to address COCOBOD’s mounting debt, Cabinet has directed the Finance Minister to urgently seek parliamentary approval to convert a legacy debt of about GH¢5.8 billion onto the books of the Ministry of Finance and the Bank of Ghana.
COCOBOD currently owes the Ministry of Finance GH¢3.7 billion, arising from the conversion of non-marketable cocoa bills into a loan facility. Additionally, it owes the Bank of Ghana GH¢1.38 billion under a 10-year loan arrangement.
Dr. Forson explained that the proposed debt conversion will restore COCOBOD’s positive equity position and strengthen investor confidence in both local and international markets.
“The debt conversion will restore positive equity and boost the international and local market to support the operations of the Ghana Cocoa Board. This will strengthen the balance sheet… to enable it to implement its new financing model and the reforms,” he stated.
Cabinet has also directed the immediate transfer of cocoa road-related liabilities amounting to GH¢4.35 billion from COCOBOD to the Ministry of Roads and Highways and the Ministry of Finance.
The move is intended to ease the financial burden on COCOBOD and allow it to refocus on its core mandate of cocoa production, marketing and sector regulation.
Surge in Cocoa Contracts
Dr. Forson further disclosed that between 2014 and 2024, COCOBOD awarded cocoa-related contracts totaling GH¢26.5 billion. Of that amount, GH¢21.5 billion worth of contracts were awarded between 2018 and 2021.
He noted that outstanding payments to cocoa contractors over the period have contributed significantly to the Board’s financial challenges.
The reforms form part of broader government efforts to stabilize the cocoa sector, restore financial sustainability at COCOBOD, and promote value addition through expanded domestic processing.
