Finance Minister Dr Cassiel Ato Forson has revealed that President John Mahama’s administration inherited a heavily indebted cocoa sector, burdened with liabilities amounting to GH¢32 billion.
Delivering the 2025 Mid-Year Budget Statement to Parliament on Thursday, July 24, Dr Ato Forson described the financial state of Ghanas cocoa industry at the time of transition as deeply troubling and unsustainable.
We inherited a debt-ridden cocoa sector with liabilities of GH¢32 billion, he stated, noting that the situation threatened the sectors viability and the livelihoods of thousands of farmers.
According to him, the debt was the result of years of poor financial management, excessive borrowing, and operational inefficiencies within the Ghana Cocoa Board (COCOBOD).
These challenges, he added, led to serious cash flow constraints, delayed payments to farmers and contractors, and reduced investment in cocoa infrastructure and sustainability programmes.
Dr. Ato Forson indicated that the government has begun implementing corrective measures to restore the sectors financial health. These include a comprehensive audit of COCOBODs finances, debt restructuring, and policy reforms aimed at enhancing transparency, efficiency, and farmer welfare.