The Ghana Cocoa Board (COCOBOD) has taken significant steps to alleviate its financial difficulties by announcing salary reductions for its executive management and senior staff. This decision is projected to save the organization approximately GH¢5 million each month.
On February 16, 2026, COCOBOD declared a 20% pay cut for top management and a 10% reduction for senior personnel, citing a downturn in cocoa prices for the remainder of the 2025/2026 crop season as the catalyst for these changes. This financial adjustment comes in response to ongoing struggles within the Board, including its inability to settle outstanding payments owed to cocoa farmers, prompting calls from various stakeholders, including farmers and political groups, for management pay reductions.
In a recent interview with Eyewitness News, Jerome Sam, who oversees Public Affairs at COCOBOD, explained that these salary adjustments are part of a broader strategy to align the organization’s expenditures with its revenue. He emphasized the importance of this move in showing COCOBOD’s commitment to addressing internal challenges while supporting the needs of cocoa farmers in Ghana.
“From my perspective, we anticipate saving around GH¢5 million monthly. Over the next eight months, that totals approximately GH¢40 million, which could significantly assist in reducing the Board’s existing debts,” Sam stated.
Additionally, he mentioned that COCOBOD is undertaking procurement reforms and staff rationalization efforts as part of its strategy to stabilize financial operations and better serve the cocoa industry.
