Finance Minister Dr Cassiel Ato Forson has announced plans for sweeping legislative reforms aimed at restructuring the Ghana Cocoa Board (COCOBOD), strengthening financial sustainability, and boosting local value addition in the cocoa sector.
The move signals renewed efforts by government to reposition COCOBOD through structural reforms rather than dismantling the institution, as part of broader economic transformation strategies.
Speaking at the Ishmael Yamson & Associates Business Roundtable, Dr. Ato Forson stressed that while COCOBOD has historically played a critical role in Ghana’s foreign exchange earnings, it now requires significant reforms to address governance and operational inefficiencies.
Also read: Ghana to host reparations summit on June 17
“COCOBOD needs reforms. I do not believe in scrapping it, but I believe that we need to reform the cocoa board,” he stated.
He acknowledged the institution’s contribution to national development but noted that it has suffered operational setbacks over time.
“COCOBOD has served Ghana well. It has been a major source of foreign exchange. It has obviously suffered some mismanagement. It’s a fact that we need to recognise,” he added.
Dr. Ato Forson disclosed that the government will, in the coming weeks, present a new bill to Parliament aimed at restructuring COCOBOD’s operations and governance framework.
“I’ll be going to Parliament in the next few weeks to introduce a new bill to Parliament reforming COCOBOD and changing the structure of COCOBOD,” he said.
The proposed reforms are expected to form part of wider efforts to strengthen cocoa sector financing, improve efficiency, and enhance value addition across the agricultural value chain.
The International Monetary Fund (IMF) has also reportedly supported Ghana’s cocoa sector stabilisation programme, urging authorities to implement decisive reforms to improve oversight and reduce inefficiencies.
A key feature of the planned reform is a push for increased domestic processing of cocoa, with the government targeting at least 50 percent local processing of raw cocoa beans.
“For example, the bill was set to make sure that at least 50% of our raw cocoa is processed locally,” Dr. Ato Forson noted.
He argued that Ghana can no longer rely on a model that prioritises raw cocoa exports at the expense of value retention within the country.
“We’ve been shipping out our cocoa for too long, and so we want to stop that,” he stressed.
The reforms are expected to align with Ghana’s broader industrialisation agenda, aimed at creating jobs, increasing export earnings from finished goods, and strengthening the country’s position within global cocoa value chains.