In a move aimed at addressing a deepening financial crunch within the cocoa sector, the Ghana Cocoa Board (COCOBOD) has announced immediate salary cuts for its top-tier leadership and senior management.
The decision, which took effect on Monday, February 16, marks a strategic attempt by the board to stabilize its balance sheet during the remainder of the 2025/26 crop year.
Under the new directive, the
executive management will see a 20% reduction in salary whilstsenior staff will take a 10% cut.
In a press statement, COCOBOD Chief Executive Mr. Randy Abbey emphasized that these measures are part of a broader austerity drive.
Beyond the payroll cuts, the board is embarking on a comprehensive staff rationalization exercise and tightening procurement protocols.
”These measures are aimed at reducing the overall expenditure of COCOBOD and ensuring our operational costs are strictly aligned with current revenue realities,” Abbey noted.
While the board presents these cuts as a show of solidarity, the public and particularly the cocoa farmers remain skeptical.
The timing of the announcement follows a wave of backlash sparked by the government’s decision to slash the cocoa producer price.
The price per bag was recently reduced from GH₵3,625 to GH₵2,587, a move that has left many farming communities reeling.
Finance Minister Hon. Cassiel Ato Forson defended the reduction, citing global market volatility and domestic liquidity challenges.
However, the explanation has done little to soothe the anger of farmers who feel they are bearing the brunt of the industry’s mismanagement.
For many observers, the question remains: will a 10–20% management pay cut bridge the massive deficit or restore faith in the sector?
Critics argue that while the gesture is symbolic, the structural issues facing COCOBOD require deeper reforms to safeguard the future of Ghana’s “green gold.”
Below is the press statement from COCOBOD
