The Public Relations Officer of the Ghana Cocoa Board (COCOBOD), Sam Jerome, has stated that the proposed 2026 COCOBOD Bill aims to overhaul the cocoa sector.
He explained on Kumasi-based Nhyira FM’s ‘Kro Yi Mu Nsem’ that the reforms in the Bill are designed to stabilize Ghana’s cocoa sector.
He told the host, Barima Kofi Dawson, that the reforms are meant to tackle financial challenges head-on, ensure fair prices for farmers, and boost Ghana’s cocoa sector as a whole.
Sam Jerome revealed that the proposed reforms in the bill include guaranteeing farmers a minimum of 70% of the gross FOB price, the introduction of automatic producer price adjustments based on world market rates and exchange rates, and establishing a Cocoa Stabilization Fund to protect them from price cuts if the international market price of cocoa drops.
He said this new approach is aimed at giving farmers more financial stability and security, which should boost their livelihoods and encourage more people to stick with cocoa farming.
“When the new COCOBOD Bill is passed, a Cocoa Stabilization Fund will be established to protect farmers from price cuts when international cocoa prices decline.”
He noted that once the bill is passed, it will be mandatory for governments to ensure farmers receive at least 70% of the gross FOB price for their cocoa.
“Farmers can sue any government that fails to pay them 70% of the international cocoa price once the new COCOBOD Bill is passed.”
With automatic pricing, Sam said it will enable a shift from fixed seasonal prices to a formula that adjusts to global market fluctuations.
The PRO of COCOBOD addressed the recent cocoa price cut, which sparked protests from farmers, saying their frustration is understandable given their financial struggles.
According to him, despite the unprecedented cocoa price reduction, farmers are now receiving a larger share of the international cocoa price.
“The protests, curses, and insults from cocoa farmers directed at the management of the cocoa sector over the price cut are justifiable.”
“Ghana’s cocoa price has been reduced for the first time; however, it is also a fact that farmers are now receiving a larger share of the international cocoa price than ever before. The international cocoa price has dropped from $7,200 to $2,400 per tonne, yet government is paying farmers more than what the current global price would ordinarily justify.”
He denied claims that COCOBOD workers are benefiting more than cocoa farmers, stressing that the administration prioritizes farmer welfare and sustainability.
“COCOBOD workers are not enjoying more benefits than cocoa farmers.”
ALSO READ:
11 injured in head-on collision on Cape Coast-Takoradi Highway
Traders at Kasoa Old Market protest demolition of temporary structures
