Govt announces plans to restructure COCOBOD’s GHc5.8bn legacy debt
13th February 2026
Government has unveiled plans to restructure approximately GH¢5.8 billion in legacy debt owed by the Ghana Cocoa Board (COCOBOD) to the Bank of Ghana and the Ministry of Finance, as part of wide-ranging measures aimed at restoring stability to the cocoa sector.
Addressing a press conference in Accra, Finance Minister Cassiel Ato Forson said government would seek parliamentary approval to restructure the debt to improve COCOBOD’s balance sheet and overall financial health.
He explained that the move is expected to ease the financial burden on the cocoa regulator, boost investor confidence and complement broader reforms designed to revitalise Ghana’s cocoa industry.
End to quasi-fiscal activities
Dr Forson noted that COCOBOD’s long-standing involvement in road construction and other quasi-fiscal expenditures has significantly contributed to its current financial difficulties, as the Board assumed responsibilities beyond its core mandate.
To address the situation, government is proposing reforms under a new Cocoa Board Bill that will bar COCOBOD from undertaking quasi-fiscal activities in the future, including road projects.
According to the Minister, the reforms are intended to refocus the Board strictly on cocoa production, regulation and marketing, while strengthening fiscal discipline within the institution.
He stressed that returning COCOBOD to its primary functions is essential to restoring financial sustainability in the sector.
Forensic and criminal audit
In addition to the debt restructuring and legislative changes, Dr Forson announced that the Office of the Attorney General will undertake a concurrent forensic and criminal audit of COCOBOD’s operations over the past eight years.
The audit will scrutinise the Board’s financial management and procurement decisions to enhance transparency and accountability, and to address any potential irregularities uncovered.
Government maintains that the combined measures — debt restructuring, legal reforms and a forensic review — form a comprehensive strategy to reposition COCOBOD and secure the long-term sustainability of Ghana’s cocoa value chain.