Gov’t to Table COCOBOD Reform Bill in Parliament — Ato Forson

Finance Minister Dr. Cassiel Ato Forson says government will soon present a bill to Parliament to reform the Ghana Cocoa Board, as part of efforts to restructure the cocoa sector, improve financial sustainability, and boost local processing.

The planned changes come as the International Monetary Fund pushes for structural reforms at COCOBOD to cut costs, raise efficiency, and restore long-term stability in the sector.

Speaking at the Ishmael Yamson & Associates Business Roundtable, Dr. Forson said government intends to reposition COCOBOD, not abolish it.

“Cocoa board needs reforms. I do not believe in scrapping it, but I believe that we need to reform the cocoa board,” he stated.

He acknowledged COCOBOD’s historic role as a key source of foreign exchange for Ghana, but said the institution has faced governance and operational challenges that now demand structural fixes. “Cocoa board 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 said.

Dr. Forson disclosed that Cabinet has approved reforms to COCOBOD, and he will lay a new bill before Parliament in the coming weeks. “Government has taken a decision to reform cocoa board. I’ll be going to Parliament in the next few weeks to introduce a new bill to Parliament reforming cocoa board and changing the structure of cocoa board,” he said.

The reforms are expected to support ongoing moves to overhaul cocoa financing, tighten operational efficiency, and expand value addition. The IMF has already backed Ghana’s cocoa sector stabilization measures and urged full implementation of COCOBOD’s turnaround plan, including stronger financial oversight and reduced quasi-fiscal activities.

Dr. Forson added that government wants to sharply increase local cocoa processing under its wider industrialization push. “For example, the bill was set to make sure that at least 50% of our raw cocoa is processed locally,” he said.

He argued that Ghana can no longer rely on exporting raw cocoa beans without capturing more value. “We’ve been shipping out our cocoa for too long and so we want to stop that,” he added.