The Ghana Cocoa Board (COCOBOD) has disbursed more than GH¢620 million in February 2026 to Licensed Buying Companies (LBCs) to settle outstanding payments and enable them to pay cocoa farmers for their produce.

Head of Corporate Communications, Jerome Kwaku Sam, explained that the latest disbursement follows significant payouts in recent months, including GH¢6 billion in January 2026, GH¢5 billion in December 2025, and another GH¢6 billion in November 2025.

Speaking on Citi Eyewitness News, Sam said the delays in payments were not due to COCOBOD’s failure, but were instead linked to changes in financing arrangements and challenges in accessing syndicated funding.

According to him, the board had to rely on international buyers to finance cocoa purchases, which required LBCs to pre-finance payments to farmers before being reimbursed.

“In November, we made over GH¢6 billion, in December over GH¢5 billion, and in January GH¢6 billion. This month alone, we have paid over GH¢620 million. We are indeed providing funds to LBCs so they can pay farmers any outstanding amounts,” he said.

His remarks come amid public concern over delayed payments to cocoa farmers for several months.

Sam also noted that COCOBOD is working on a new financing model under the current administration to ensure more sustainable funding and prevent future delays.

In recent months, LBCs have had to pre-finance cocoa purchases using high-interest loans from commercial banks, with the Ghana Reference Rate standing at 29.8 per cent. This left companies bearing heavy costs, as COCOBOD’s first payment for cocoa delivered in the 2023/2024 season did not arrive until January 26, 2024, six months after delivery.

For the ongoing 2025/2026 cocoa season, which began in August, COCOBOD has revised the funding formula to an 80/20 model. Under this arrangement, LBCs receive 80 per cent of funds upfront to cover farmer payments and handling costs, while the remaining 20 per cent is settled upon delivery to COCOBOD.