President John Dramani Mahama has expressed the view that that cocoa farmers will be happy with the Ghana Cocoa Board Bill that he recently signed into an Act.
He said that the promise he made to farmers that they would earn 70% of the world market price of cocoa is also contained in this Act; therefore, it is a promise made and a promise fulfilled.
President Mahama said this after signing ten major legislative bills into law, marking a step toward structural reforms to accelerate economic growth, plug revenue leakages, modernize justice delivery, strengthen national security, and relieve Ghanaian workers and farmers.
The new enactments cut across critical sectors of the economy, business, law enforcement, maritime security, education, and social protection.
After signing the bills into law, President Mahama, joined by his Chief of Staff, Julius Debrah, PhD, and ministers of state, said the legislative push fulfils key government pledges and lays a streamlined legal foundation for sustainable national development.
Among the enactments is the Ghana Cocoa Board Act, 2026, which binds the government to its promises to transform the country’s agricultural landscape and guarantee fair returns for cocoa farmers.
“I’m sure our cocoa farmers will be happy,” President Mahama stated. “It incorporates the reform of the cocoa sector and includes our promise that we’re going to process at least 50% of our cocoa beans locally. Aside from that, the promise we made to farmers that they will earn 70% of the world market price of cocoa is also contained in this bill. So, promise made, promise fulfilled.”
To protect low-income households, the President assented to the Income Tax Amendment Act, 2026, which removes tax burdens from low-wage workers.
“This Act exempts people who earn the minimum wage and below from paying income tax. Anybody who is on the minimum wage or below the minimum wage is exempt,” President Mahama declared.
Local industrial growth received a major boost through the Excise Act, 2026, which consolidates excise duties, blocks revenue leakages on imported dutiable goods like alcohol and cigarettes, and grants targeted tax exemptions to domestic processors.
“Importantly, it gives exemption from paying excise tax to local manufacturers of fruit juices,” the President explained. “It is supposed to give them an incentive in their production. If you produce fruit juices locally, this Act exempts you from paying excise duty.”
To improve fiscal discipline and restore revenue efficiency, President Mahama assented to three related financial and commercial laws:
The Customs Act, 2026, which codifies all existing customs laws into a single, unified statute to enhance efficiency and block revenue loss.
“This voluminous document incorporates all the amendments that have been done over the years into one single document. It makes it simpler to administer and to make it more efficient. And it will seal the loopholes that have made the government lose a lot of revenue as a result of the scattered nature of the law,” President Mahama noted.
The Energy Sector Levies Amendment Act, 2026, ends widespread abuses of fuel oil exemptions previously exploited by factories and maritime vessel operators. Under the new law, operators must pay taxes upfront and present verifiable proof for reimbursement.
The Value Added Tax (VAT) Amendment Act, 2026, adjusts VAT administration to align with recent monetary policy initiatives. Large-scale gold mining companies that surrender 30 per cent of their gold output to the Bank of Ghana are exempt from paying VAT on those quantities.
The legislative package introduces progressive reforms to Ghana’s penal system and judicial administration, aimed at reducing prison congestion and expediting justice delivery.
Highlighting the Community Service Act, 2026, President Mahama explained that non-custodial sentences will apply to minor offences, saving taxpayer funds and providing constructive rehabilitation options.
“Instead of putting people in jail and government going to have to pay for looking after prisoners for stealing goods or for committing some very minor offences, they can be sentenced to do community service for the periods that they are convicted for,” the President said.
SOURCE: AGRIC TODAY
