The Ghana Cocoa Board (COCOBOD) has stated that no cocoa farmer is currently owed money for cocoa supplied, despite claims that farmers are owed around GH¢4 billion. Ato Boateng, the Deputy CEO of COCOBOD in charge of Finance and Administration, clarified in an interview with Bernard Avle on Channel One TV’s The Point of View on Monday, September 28, 2026, that payments to farmers have been settled. He noted that any outstanding obligations are owed to Licensed Buying Companies (LBCs).
Mr. Boateng explained, “As we speak right now, not a single farmer is owed any money.” He added that COCOBOD released GH¢4.2 billion in March 2026 to ensure that payments to cocoa farmers were completed. The outstanding amounts owed to LBCs primarily stem from “under-recoveries” caused by a decline in global cocoa prices. He further explained that the producer price had remained relatively high until the government announced a reduction, which had resulted in COCOBOD effectively subsidising farmers. “Before the government announced the reduction, COCOBOD almost subsidised farmers at 102 percent,” he said.
According to Mr. Boateng, these under-recoveries have resulted in residual amounts payable to the LBCs. He assured that COCOBOD would settle these outstanding payments using cash flows generated during the new cocoa season, emphasising that the delays were not due to a cash flow crisis.
“What we are seeing is not the result of a cash-flow problem. Rather, it is a consequence of the government’s decision to support cocoa farmers when cocoa prices declined,” he said. He also dismissed suggestions that Licensed Buying Companies (LBCs) had been made to absorb the financial losses, explaining that the outstanding amounts were part of normal trade payables. “Nobody has suffered any loss. It is a payable that COCOBOD will settle,” he said.
Mr Boateng said COCOBOD had engaged the LBCs on a payment plan and assured them that the outstanding amounts would be paid from revenues generated during the new cocoa season. He said the Board had also met with the association representing the LBCs after it raised concerns about the unpaid amounts.
“We told them that once the season opens, we will pay them from the cash flows generated during the season,” he said. Mr Boateng acknowledged that the outstanding payments had affected the financial position of the LBCs but assured them that COCOBOD would take the necessary steps to ensure they remain operational and continue to support the cocoa industry.
