Finance Minister Dr. Cassiel Ato Forson has revealed that the Mahama administration inherited a cocoa sector burdened with massive debt, totaling GH¢32 billion, upon assuming office.

Presenting the 2025 Mid-Year Budget Statement to Parliament on Thursday, July 24, Dr. Ato Forson described the financial state of Ghana’s cocoa industry at the time of transition as deeply alarming and unsustainable.

“We inherited a debt-ridden cocoa sector with liabilities of GH¢32 billion,” he stated, warning that the situation posed a serious threat to the survival of the sector and the livelihoods of thousands of cocoa farmers.

He attributed the staggering debt to years of mismanagement, excessive borrowing, and inefficiencies within the Ghana Cocoa Board (COCOBOD). These issues, he explained, led to significant cash flow problems, delayed payments to farmers and contractors, and reduced investment in critical cocoa infrastructure and sustainability initiatives.

In response, the Finance Minister noted that the current government has begun implementing a series of corrective measures aimed at restoring the sector’s financial health.

These include comprehensive audits of COCOBOD’s finances, debt restructuring, and policy reforms to enhance transparency, operational efficiency, and support for farmers.

Dr. Ato Forson reiterated the Mahama administration’s strong commitment to revitalising the cocoa industry, highlighting its central role in the national economy and its importance to rural communities across the country.