COCOBOD’s Financial Mismanagement caused supplier debt crisis – Deputy Finance Minister

Man in a blue shirt at a desk with papers and a microphone, giving a press briefing, with a Jamaican flag in the background and a crest in the corner.

By Prince Antwi June 25, 2026

Deputy Finance Minister Thomas Nyarko Ampem has attributed the inability of the Ghana Cocoa Board (COCOBOD) to pay fertiliser and agrochemical suppliers for the 2021/2022 crop season to what he described as years of financial mismanagement and excessive procurement.

Addressing Parliament on Wednesday, June 24, 2026, Mr. Ampem stated that COCOBOD purchased fertilisers and agrochemicals far beyond its approved budgets between 2021 and 2024, creating significant debt obligations that the institution could not meet.

According to him, COCOBOD procured fertilisers and agrochemicals worth $455.7 million during the 2021/2022 crop season despite budgeting only $312.8 million for the purchases.

“COCOBOD procured excessive quantities of fertilisers and agrochemicals beyond its financial capacity between 2021 and 2024. This mismanagement of COCOBOD’s finances made it impossible to pay suppliers for the 2021/2022 crop year,” he told the House.

Mr. Ampem explained that the pattern continued in subsequent years, with the cocoa regulator repeatedly entering into contracts that exceeded approved budgetary allocations. He cited the 2023/2024 crop season as a notable example, revealing that although COCOBOD budgeted $76.5 million for agrochemicals, it signed contracts worth approximately $668.6 million.

The Deputy Finance Minister expressed concern that the massive procurement expenditures did not translate into increased cocoa production. Instead, cocoa output declined over the same period, raising questions about the effectiveness and management of the fertilisers and agrochemicals purchased.

He noted that the unpaid obligations to suppliers form part of a wider financial crisis inherited within the cocoa sector.

Despite the challenges, Mr. Ampem disclosed that COCOBOD has begun settling some of the outstanding debts. Since January 2026, the institution has paid $25 million to fertiliser and agrochemical suppliers as part of efforts to reduce its debt burden and restore financial stability.

The government, he added, remains committed to addressing the financial difficulties facing the cocoa sector while ensuring greater accountability and prudent management of COCOBOD’s resources.