The Minister of Finance, Dr. Cassiel Ato Forson, has expressed deep concern over the deteriorating state of Ghana’s cocoa sector, describing it as being on the verge of collapse due to unsustainable debts.
Presenting the 2025 Budget Statement to Parliament on March 11, Dr. Forson revealed that the Ghana Cocoa Board (COCOBOD) is burdened with an outstanding debt of GHC32 billion, a situation he said has severely impacted cocoa production.
“The cocoa sector is sadly on its knees, with unsustainable debts. Cocoa production has dropped by nearly 50 percent over the past three years,” he stated.
Economic Recovery and Government Intervention
Dr. Forson assured Parliament that President John Dramani Mahama’s administration is committed to reviving the economy and restoring stability. He emphasized that urgent steps are being taken to address the challenges facing the country’s economic landscape.
“President Mahama will fix the economy, restore hope, and build the Ghana we want,” he assured.
Commitment to Fiscal Discipline
Addressing concerns about public procurement and fiscal responsibility, the Finance Minister reaffirmed the government’s commitment to adhering to procurement laws and ensuring that expenditures are strictly aligned with the approved budget.
“We will respect the limits of appropriations as approved by Parliament,” he stated.
Dr. Forson’s remarks signal the government’s resolve to tackle the economic crisis head-on, with a strong focus on revitalizing key sectors such as cocoa production, managing debt burdens, and enforcing fiscal discipline.
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