The Ghana Cocoa Board (COCOBOD) has disbursed an additional GHS 2.6 billion to Licensed Buying Companies (LBCs). This recent payment brings the total amount for cocoa purchases in the current crop season to over GHS 34.5 billion.
This latest injection of funds aims to clear outstanding payments owed to thousands of cocoa farmers. Many of these farmers sold their cocoa beans on credit. The move addresses significant concerns about delayed compensation that have affected cocoa producers.
Cocoa is a vital pillar of Ghana's economy, contributing significantly to export earnings and supporting countless livelihoods. Delays in farmer payments can disrupt the supply chain and impact the national economy. This disbursement helps secure farmer income and maintain agricultural productivity.
COCOBOD confirmed the release of GHS 2,646,312,854.38 to LBCs for direct payment to farmers. A total of GHS 34,523,447,255.64 has now been paid since the start of the 2025/2026 crop season. Approximately GHS 1.4 billion from the new funds is specifically for settling credit purchases.
COCOBOD stated it is working closely with LBCs to ensure all affected farmers receive their payments. The Board has also put in place monitoring mechanisms. These will ensure the funds reach the intended beneficiaries promptly. This action demonstrates a commitment to resolving payment backlogs.
The Board acknowledged the patience and resilience shown by cocoa farmers during the challenging payment period. It assured all farmers they would receive payment for legitimately sold cocoa. Farmers facing issues should contact their respective LBCs for assistance. COCOBOD will continue engaging all stakeholders until all obligations are met.
This significant financial injection by the government underscores its dedication to Ghana's cocoa sector. It aims to safeguard farmer welfare. It also seeks to preserve the integrity and sustainability of Ghana's cocoa industry. Protecting farmers’ interests remains a key objective, ensuring fair compensation for their hard work.
The cocoa sector remains crucial for Ghana's economic stability and rural development. Timely payments are essential for farmers to invest in their farms and maintain output. This bolsters food security and export revenues. The government constantly monitors global cocoa prices and local production to support farmers.
The continued efforts to streamline payment systems and ensure farmer welfare are critical. They help maintain Ghana's position as a leading global cocoa producer. This also contributes to the broader economic growth trajectory of the nation. Future policies will likely focus on improving efficiency and transparency in cocoa purchasing.