BTA2023 In a move underscoring mounting financial pressure within Ghana’s cocoa industry, the Executive Management and Senior Staff of the Ghana Cocoa Board (COCOBOD) have voluntarily reduced their salaries with immediate effect.
An official statement released on Monday, February 16, 2026, confirmed that the pay reductions are in response to “current liquidity challenges” confronting the sector.
Under the decision — which will apply for the remainder of the 2025/26 crop year — Executive Management will take a 20 percent salary cut, while Senior Staff have accepted a 10 percent reduction.
“The Executive Management and the Senior Staff of COCOBOD have effective today… reduced their salaries in recognition of the current liquidity challenges in the cocoa industry,” the statement said.
Broader Cost-Containment Measures
The salary adjustments form part of a wider cost-containment strategy aimed at aligning expenditure with declining revenues.
According to the Board, additional measures include:
- Procurement cost reductions
- A staff rationalisation exercise
- Tighter expenditure controls
The objective, COCOBOD said, is to reduce operational overheads amid tightening liquidity conditions and heightened global market volatility.
Pricing Turbulence and Market Pressures
The move comes at a sensitive moment for Ghana’s cocoa sector, which has been at the centre of national debate over producer pricing, farm profitability and financing sustainability.
Last week, the government reduced the producer price of cocoa to GH¢41,392 per tonne — equivalent to GH¢2,587 per 64kg bag — for the remainder of the 2025/2026 crop season.
Announcing the adjustment in Accra on February 12, Finance Minister Cassiel Ato Forson said the revision reflected falling international cocoa prices and mounting liquidity pressures within the industry.
The 2025/26 season had opened in August 2025 with a producer price of GH¢51,660 per tonne, calculated at 70 percent of a gross free-on-board price of $7,200 per tonne, using an exchange rate of 10.25 cedis to the dollar.
The new rate represents:
- A GH¢16,608 reduction per tonne
- A GH¢1,038 reduction per bag compared to the October 2025 rate of GH¢58,000 per tonne
Structural Financing Strain
Analysts have long warned about the structural strain on Ghana’s cocoa financing model, which requires billions of cedis annually to fund purchases and syndicated loans while remaining exposed to global commodity price swings.
The latest developments highlight the delicate balance COCOBOD must maintain between:
- Protecting farmer incomes
- Managing debt obligations
- Absorbing exchange rate fluctuations
- Navigating volatile global cocoa markets
By cutting executive pay, COCOBOD appears to be signalling shared sacrifice at the top as it confronts one of the most financially challenging periods in recent years.
The decision also reflects broader efforts to stabilise the sector while government and regulators reassess pricing structures, financing mechanisms and long-term sustainability of Ghana’s cocoa industry — a cornerstone of export earnings and rural livelihoods.
