About GH¢4.2 billion has been given by the Ghana Cocoa Board (COCOBOD) to Licensed Purchasing Companies (LBCs) in order to pay cocoa growers who have been owed money since last November.
The payments are a component of initiatives to settle outstanding debts in the cocoa industry and regain the trust of farmers and other stakeholders.
Dr. Cassiel Ato Forson, the Finance Minister, also unveiled a number of reforms last month intended to restructure the cocoa industry and settle outstanding debts to farmers and other actors in the value chain.
The Head of Public Affairs at COCOBOD, Jerome Sam, told the media that the organization is still dedicated to making sure that all unpaid debts owed to cocoa farmers are paid before the conclusion of the 2025/2026 cocoa season, which is expected to end in August.
He claimed that last week, the aforementioned sum had already been given to Licensed Buying Companies in order to help farmers get paid.
He stated that because of prior financing agreements between COCOBOD and the Licensed Buying Companies, some farmers have already been paid, while others are still due.
“Some of the payments are recent, while others are older. Licensed Buying Companies have occasionally intervened to pre-finance cocoa purchases since 2023, when we had difficulties with the syndicated loan. They are later reimbursed for those purchases by COCOBOD.
“For this reason, some farmers are not indebted to the LBCs, while others are still owed money. We at COCOBOD are putting in a lot of effort to make sure that every cedi owed to the Licensed Buying Companies is paid so that they can also pay off any debts they may have with their cocoa farmers, he said.
To guarantee on-time payments to farmers and maintain production across the cocoa-growing regions of the nation, COCOBOD is still concentrating on enhancing liquidity in the cocoa procurement system, according to Jerome Sam.
“We hope to finish all payments before the end of the season, which is predicted to conclude around August or September,” he said.
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