Politics · Godfred Anku Kaali
New Cocoa Board Bill to Guarantee Farmers at Least 70% of Cocoa Export Price – Finance Minister
Finance Minister Dr. Cassiel Ato Forson has announced that government will submit a new Cocoa Board Bill to Parliament to repeal and replace the Ghana Cocoa Board Act, 1984, (PNDC Law 81). This forms part of efforts to reform Ghana’s cocoa sector and guarantee cocoa farmers not less than 70% of the gross Free on Board (FOB) price.
Presenting the 2026 Mid-Year Budget Review in Parliament yesterday, Dr. Forson said the proposed legislation is aimed at modernising the governance and financing of the cocoa sector, which remains one of Ghana’s leading sources of export earnings and supports the livelihoods of millions of people, particularly in rural communities.
He said the Bill will introduce a new producer pricing mechanism that takes into account movements in international cocoa prices, exchange rate trends and other market conditions to ensure farmers receive a fairer share of cocoa revenues.
According to the Finance Minister, the legislation will also establish a new financing framework for cocoa purchases and related operations to restore the long-term financial sustainability and improve the operational efficiency of the Ghana Cocoa Board (COCOBOD).
The Bill will further require that at least 50% of cocoa beans produced in Ghana be processed locally to promote value addition and strengthen the country’s cocoa industry. It will also limit COCOBOD’s involvement in quasi-fiscal activities, allowing the institution to focus on its core mandate.
Dr. Forson said the reforms are expected to place the cocoa sector on a stronger financial footing, improve the quality of Ghana’s cocoa, increase returns to farmers and position the industry for sustainable long-term growth.
Touching on the Feed Ghana Programme, the Finance Minister disclosed that government has begun establishing 50 Farmer Service Centres across the country to improve farmers’ access to mechanisation and agricultural extension services.
He said government has made available GH¢551 million to facilitate the procurement of 1,840 units of agricultural machinery and equipment.
The equipment, which includes tractors, trailers, power tillers, ploughs, cultivators, seed drills, sprayers, fertiliser spreaders and combine harvesters, is expected to boost farm productivity, reduce production costs and enhance food security across the country.