Finance Minister, Dr. Cassiel Ato Forson has disclosed that the Ghana Cocoa Board (COCOBOD) currently has an outstanding debt of GHS32 billion with GHS11.9 billion set to be paid in 2025.
The Minister revealed these debt figures while presenting the 2025 Budget Statement and Economic Policy to Parliament on Tuesday, March 11, 2025.
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“Mr. Speaker COCOBOD outstanding debt amount to GHS32 billion of which GHS11.92 billion is due to be paid in the year 2025,” he stated.
Dr. Ato Forson further noted that outstanding cocoa road contracts for 2024 amounts to GHS 21 billion, approximately $1.3 billion.
According to him, COCOBOD has only accounted for GHS4.4 billion in its finances for the year 2025.
The roll out cocoa contracts has resulted in a loss of 495 million dollars for the year 2025, the Minister noted.
The Minister said the cocoa sector is collapsing. He attributed this to high debts in the sector.
He stressed “The cocoa sector is sadly on its knees, with unsustainable debts. Cocoa production had dropped nearly by 50 per cent over the past three years.”
He told Parliament that the Mahama administration inherited an economy deep in crisis and hard hit with debts.
In the area of procurement, the Finance Minister assured that the Mahama administration will comply with the public procurement process and link them to the approved budget.
“We will respect limit of the appropriations as approved by Parliament,” he said.
Regarding the 24 Hour Economy, the Finance Minister assured that “We will be presenting the 24-hour economy policy to Parliament in due course.”
