The Ghana Cocoa Board (COCOBOD) should be critically reviewed, according to Dr. Nii Moi Thompson, Chairman of the National Development Planning Commission (NDPC). He stated that the institution may have outlived its usefulness in Ghana’s economy. Dr. Thompson made these remarks at the Ishmael Yamson & Associates Business Roundtable in 2026. He argued that cocoa’s economic role has shrunk significantly.
Cocoa accounted for nearly 80% of the Gold Coast economy in the 1920s. By 1951, it was about 60%. Today, cocoa contributes less than 2% to Ghana’s Gross Domestic Product (GDP). Dr. Thompson questioned the need for a large bureaucratic body to manage such a small sector. He also pointed out that state control has not boosted productivity. Output remains below potential and lags behind other cocoa nations.
Dr. Thompson criticized COCOBOD’s bureaucracy and misplaced priorities. He cited reports of a COCOBOD guest house in London. Meanwhile, many cocoa farmers in Ghana struggle with poverty. Food crop farmers are the poorest group. Cash crop farmers, including cocoa farmers, are the next poorest. This situation highlights ongoing challenges in the agricultural sector.
The relevance of the annual National Farmers Day celebration was also questioned. Dr. Thompson believes the event has not improved farmers’ welfare significantly. It has also not reduced Ghana’s food import bill. He mentioned that prize money for winners has reportedly gone unpaid. He supports calls for the program’s abolition. Ghana needs reforms for better productivity. Resources should also be allocated more efficiently.
These calls for reform come at a time when Ghana is seeking to diversify its economy. The nation aims to boost economic transformation and improve citizens’ livelihoods. Rethinking the structure of key institutions like COCOBOD is crucial for this agenda. Efficient resource allocation is a key goal for driving growth. The NDPC’s stance indicates a shift in thinking about Ghana’s economic management.
Dr. Thompson’s views suggest a need for a modern approach. This approach should focus on sectors with higher growth potential. It should also ensure that state interventions are effective and serve the intended beneficiaries. The future of Ghana’s agricultural policy may see significant changes. These changes will likely aim to increase efficiency and farmer incomes.