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Vol 67 No 7

Published 3rd April 2026


Ghana

Cocobod’s last crop as the cocoa state hits the buffers

With output halved and farmers threatening revolt, the Mahama government chooses between radical reform for the cocoa board or its dissolution

When President John Dramani Mahama convened an emergency Cabinet meeting in February to address what officials privately described as a ‘structural heart attack’ in Ghana's cocoa sector, few expected the resulting reforms to be fast or bold enough. The measures announced – salary cuts for Ghana Cocoa Board (Cocobod) executives, a GH¢5 billion debt-to-equity swap, a Cabinet order to process at least 50% of cocoa locally by the 2026/27 season, and a pledge to fund future purchases with domestic bonds rather than foreign syndicated loans – are the most sweeping interventions in a generation. The outstanding questions now are how quickly they will be implemented and how will vested interests fight back.

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