Kojo Oppong Nkrumah, the Minority Spokesperson on Parliament’s Economy and Development Committee, has alleged that the Ghana Cocoa Board (COCOBOD) owes Licensed Buying Companies (LBCs) nearly GH¢10 billion for cocoa beans purchased since November 2025.

Speaking on TV3’s Hot Issues in February 2026, Oppong Nkrumah said the Minority caucus arrived at the figure after engaging with representatives of the LBCs.

According to him, the LBCs have continued buying cocoa from farmers nationwide but are yet to be reimbursed by COCOBOD for the supplies.

“Since November 2025, the LBCs have been purchasing cocoa. We are informed that cocoa worth about GH¢10 billion has been procured, but the LBCs have not been paid,” he stated.

He explained that the amount represents cocoa bought from roughly one million farmers across the country at a price of GH¢3,625 per bag, bringing the estimated total to GH¢10 billion.

Meanwhile, COCOBOD recently announced it had disbursed GH¢1.091 billion to LBCs. The payment comprised an initial GH¢237 million for 50,000 metric tonnes of cocoa and a subsequent GH¢854 million.

However, Oppong Nkrumah described the payments as insignificant compared to the total outstanding debt.

“If you owe GH¢10 billion and announce that you have paid GH¢1.2 billion, that is a drop in the ocean,” he remarked.

The legislator stressed that settling the arrears owed to LBCs should be the government’s immediate priority, rather than focusing on proposed reforms within the cocoa sector.

“Do not speak about future reforms when less than 30 or even 20 per cent of the existing debt owed to cocoa farmers has been cleared,” he said.

He further called on the government to disclose the exact amount owed and to present a clear plan for settling the outstanding payments.

“If you have paid GH¢1.2 billion, then tell us the actual total debt and the strategy to complete the payments before moving on to other matters,” he added.