Aggrieved cocoa farmers picketed at the headquarters of the Ghana Cocoa Board (COCOBOD) in Accra, on Friday, February 20, over a slash in producer prices and delayed payments, which they say have placed them in economic and financial distress.

With placards bearing inscriptions of government betrayal and chanting slogans, they called on authorities and all stakeholders to protect their livelihoods.

Some of the inscriptions read: “We worked, you lied,” “Government celebrates, but our families mourn,” and “We can’t pay our kids’ school fees,” among others.

The distressed farmers expressed deep concerns through their chants and placards, stating that despite their significant contribution to the economy, their income has been eroded. They warned that unless urgent measures are taken, they may lose their livelihoods, a situation likely to push many farmers away from cocoa farming and potentially affect future production levels which is likely to affect the economy.

They are demanding an upward review of the prices and expedited processing to ensure the settlement of outstanding payments owed to them by Licensed Buying Companies operating under COCOBOD’s supervision.

"The prices were not reduced under the previous regimes; why is this administration reducing them. We have no problem with the government; they should just leave the prices to remain the same," a frustrated woman told journalists.

According to the farmers, delays in payment and the recent downward adjustment in cocoa prices have made it increasingly difficult to cover basic household needs, including school fees, healthcare, and farm maintenance.

“We depend entirely on cocoa. When payments are delayed, or prices drop, our families suffer,” one protester said, adding that many farmers are struggling to prepare for the next crop season due to a lack of funds.

The demonstration at COCOBOD headquarters follows similar protests in cocoa-growing regions, particularly in the Western North Region, where farmers marched through major towns to protest the reduced farmgate price.

The unrest comes amid broader challenges facing Ghana’s cocoa sector, including global price volatility, declining output in some regions, and financial pressures on COCOBOD.

Meanwhile, the new cocoa producer prices set by the government for the remainder of the 2025/26 cocoa season took effect on Friday, February 13.

This was confirmed in a statement issued to the Ghana News Agency on Tuesday, which indicated that the new price would apply to all cocoa purchased nationwide.

The statement mentioned that under the revised prices, the producer price to be paid at all buying centres is GH¢1,241.76 per load of 30 kilograms of Grade I and II cocoa beans, naked ex-scale.

It continued that the newly approved price per bag of 64 kilograms gross is GH¢2,587.00, adding that a tonne of cocoa, comprising 16 bags, now attracts a total payment of GH¢41,392.00.

Although COCOBOD has announced payments to Licensed Buying Companies to facilitate farmer payments, many producers say the relief has yet to reach them at the farmgate level.

Barely a week ago, COCOBOD announced a salary cut for some staff members and top management as part of efforts to resolve its cash flow challenges.

The announcement was contained in a formal press release issued by the Chief Executive, Dr. Ransford A. Abbey, and dated Monday, February 16.

The release noted that the cuts would take effect on the same day the announcement was made, explaining that the leaders of the government's cocoa-regulating agency would bear the reductions for the remainder of the 2025/26 crop year.

According to the statement, “The Executive Management and the Senior Staff of COCOBOD have, effective today, Monday, February 16, 2026, reduced their salaries for the remainder of the 2025/26 crop year in recognition of the current liquidity challenges in the cocoa industry.”

It continued, “The Executive Management has taken a twenty (20) percent cut, while the Senior Staff have taken a ten (10) percent reduction in their respective salaries,” as part of a broader cost-containment measure aimed at aligning expenditure with revenue.

Management indicated that additional steps, “other cost-cutting measures in procurement and a staff rationalisation exercise, are aimed at reducing the overall expenditure of COCOBOD and aligning costs with revenue.”

Meanwhile, the statement did not disclose how much the salary cuts would save the sector or the size of the liquidity gap.

The announcement comes at a time of heightened strain in the cocoa industry, marked by rising operational costs, financing pressures, concerns over farmer welfare, and intensified public scrutiny over cocoa pricing and COCOBOD’s financial position.

In recent weeks, the sector has been at the centre of national debate, particularly over producer prices and the sustainability of cocoa farming.

Industry observers have also pointed to the heavy financing burden associated with cocoa purchases, operational commitments, and exposure to global price volatility.

Last year, the Ghana Cocoa Board (COCOBOD) announced that it would not secure any syndicated loan to finance cocoa purchases for the 2025/26 crop season.

According to them, the shortage of cocoa beans at the global level informed such a decision.

“We’re not doing syndication…this year [2025], we’re not doing syndication. What has necessitated us not to do syndication is that we’re experiencing a global shortage of the cocoa bean,” he said.

He made these remarks during an interview with Accra-based radio station Citi FM on Monday, August 4. The Head of Public Affairs at COCOBOD, Jerome Kwaku Sam, explicitly stated that the Board had not sought syndicated financing for the 2024/2025 season and had no intention of doing so this year.

“…To be very honest, last year [2024], we didn’t do syndication, and this year [2025], we’re not doing syndication.”

Mr. Sam further noted that the move also reflects a strategic effort to reduce costs under prevailing market conditions.

“We’re not doing syndication whereby we’re going to incur additional expenses and what have you. That is out of the system or table for now,” he emphasised.