The Ghana Cocoa Board (COCOBOD) says it has paid more than GH¢17 billion to Licensed Buying Companies (LBCs since November 2025 as part of efforts to clear outstanding payments owed to cocoa farmers across the country.
This follows weeks of public concern over prolonged payment delays, which the Minority in Parliament warned were causing severe financial hardship for cocoa farmers and threatening the sustainability of the cocoa sector.
Speaking at a press conference in Accra on Thursday, February 5, the Ranking Member on Parliament’s Food, Agriculture and Cocoa Affairs Committee, Isaac Yaw Opoku, revealed that COCOBOD currently owes LBCs over GH¢10 billion for cocoa already purchased. He explained that the huge arrears have left the buying companies financially constrained and unable to promptly pay farmers.
Responding to the concerns in an interview on Citi Eyewitness News, COCOBOD’s Head of Corporate Communications, Jerome Kwaku Sam, attributed the delays to difficulties in securing syndicated financing to support cocoa purchases.
According to him, the funding challenges forced COCOBOD to rely on international buyers to finance cocoa purchases. Under this arrangement, LBCs were required to pre-finance the purchase of cocoa, with COCOBOD reimbursing them at a later date.
Mr. Sam disclosed that significant payments have already been made to ease the situation. “In November, we paid over GH¢6 billion, in December over GH¢5 billion, and in January about GH¢6 billion. This month alone, we have paid more than GH¢620 million,” he said.
He added that COCOBOD is currently disbursing additional funds to LBCs to enable them to fully settle all outstanding payments owed to farmers.
“We are indeed paying monies to the LBCs so they can pay farmers whatever amounts are outstanding,” Mr. Sam assured.
He further revealed that COCOBOD, under the current administration, is working on a new financing model aimed at improving cash flow to the sector and preventing similar delays in the future.
Mr. Sam stressed that the payment challenges do not reflect institutional failure, but rather stem from funding constraints, changes in financing arrangements, and the ongoing transition to a more sustainable funding framework.
COCOBOD reaffirmed its commitment to ensuring timely payments to cocoa farmers and safeguarding the efficient operation of Ghana’s cocoa industry for all stakeholders.
