Finance Minister Dr. Cassiel Ato Forson has disclosed that the Mahama administration inherited a heavily indebted cocoa sector with liabilities amounting to GH¢32 billion.
Delivering 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 troubling and unsustainable.
“We inherited a debt-ridden cocoa sector with liabilities of GHC32 billion,” he stated, adding that the situation threatened the viability of the sector and the livelihoods of thousands of farmers.
According to the Finance Minister, the debts stemmed from years of poor financial management, overborrowing, and inefficiencies in the operations of the Ghana Cocoa Board (COCOBOD).
He noted that these challenges led to cash flow constraints, delayed payments to farmers and contractors, and a decline in investment in cocoa infrastructure and sustainability programmes.
Dr. Ato Forson said the government has since begun implementing corrective measures to restore the sector’s financial health. These include audits of COCOBOD’s finances, restructuring of debts, and policy reforms to improve transparency, efficiency, and farmer welfare.
He reaffirmed the Mahama government’s commitment to revitalising Ghana’s cocoa industry, stressing its importance to the national economy and rural livelihoods.
Mid-Year Budget: Sustain economic gains – Timore Boi tells govt
…..
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU:
https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital