The Ghana Cocoa Board, known as COCOBOD, has taken significant steps to address its ongoing financial difficulties by announcing salary reductions for its executive management and senior staff. This decision comes in light of the board’s struggle to settle outstanding payments owed to cocoa farmers, coupled with a decline in cocoa prices expected for the remainder of the 2025/2026 season.
On February 16, 2026, COCOBOD issued a statement revealing that the Chief Executive Officer, Dr. Randy Abbey, along with other top executives, will see a 20% decrease in their salaries. Senior staff members will experience a 10% reduction in their paychecks for the duration of the current crop year.
The board’s statement highlighted this move as a recognition of the liquidity challenges facing the cocoa sector. It emphasized the need for financial prudence amidst the ongoing crisis, stating, “The Executive Management has taken a twenty (20) percent cut, while the Senior Staff have taken a ten (10) percent reduction in their respective salaries.”
To further combat the financial strain, COCOBOD plans to implement additional cost-cutting measures, including procurement adjustments and a potential staff rationalization process aimed at aligning expenses with revenue.
This proactive approach underscores the board’s commitment to addressing its financial obligations and supporting the cocoa farming community during these challenging times.
