President John Dramani Mahama has disclosed that the Ghana Cocoa Board (COCOBOD) is expected to incur an additional loss of approximately $495 million as a result of its high level of indebtedness.
Delivering his State of the Nation Address in Parliament on Thursday, February 27, 2026, President Mahama painted a concerning picture of the financial health of the cocoa sector, describing the situation at COCOBOD as deeply troubling.
According to the President, the projected $495 million loss is largely attributable to the Board’s existing debt obligations and the financial burden created by the previous government . He explained that the mounting debt has significantly constrained COCOBOD’s operations, affecting its ability to effectively manage the cocoa value chain and support farmers.
President Mahama emphasized that the cocoa sector remains a critical pillar of Ghana’s economy, contributing substantially to foreign exchange earnings and rural livelihoods. However, he noted that the current financial strain threatens the stability of the industry if urgent corrective measures are not implemented.
The President further indicated that government will undertake a thorough review of COCOBOD’s financial commitments and operational structures to address inefficiencies and restore confidence in the sector. He assured Parliament and the Ghanaian public that steps would be taken to strengthen transparency, improve financial management, and safeguard the interests of cocoa farmers.
The revelation comes at a time when cocoa farmers across the country are already grappling low producer price and delayed payments.
President Mahama reaffirmed government’s commitment to stabilizing the cocoa sector, stressing that sustainable reforms will be prioritized to protect one of the country’s most vital economic industries.