Dr. Randy Abbey
The Ghana Cocoa Board (COCOBOD) has announced a 20% reduction in salaries for the executive management and 10% for the senior staff for the remainder of the 2025/2026 crop year following liquidity challenges facing the sector.
A statement issued on Monday, February 16, 2026 by the Chief Executive Officer of COCOBOD, Randy Abbey, said the decision forms part of other cost cutting measures in procurement and a staff rationalisation exercise aimed at reducing the overall expenditure of COCOBOD and aligning cost with revenue.
“The executive management has taken a twenty percent cut, while the senior staff have taken a ten percent reduction in their respective salaries,” parts of the statement read.
According to COCOBOD, the industry has experienced a significant decline in revenue due to fluctuations in global cocoa prices, foreign exchange instability, and reduced profit margins within the cocoa value chain.
It indicated that external market pressures have adversely affected the company’s financial performance and cash flow position thereby compelling management to initiate restructuring measures to sustain operations and prevent possible staff redundancies.
The government, following an emergency cabinet meeting last week, announced a reduction of the cocoa producer price for the remainder of the 2025/2026 crop season from GH¢ 2,625 to GH¢ 2,587 per bag as part of reforms to sustain the sector.
According to the Minister of Finance, Dr. Casiel Ato Forson, the reduction in price stems from volatility in international market where cocoa prices increased to about $ 12,000 in late 2024 but reduced to about $ 3,772 as at February 2026.
Call For Calm
COCOBOD Senior Staff Association (COSSA) in a statement issued and signed yesterday, February 17, 2026 by the General Secretary, Issah Abdul-Razak, said though the decision to reduce the salaries of management as well as senior staff is painful, it is necessary to sustain the cocoa industry.
“Productivity levels have declined across critical operational areas, including cocoa sourcing, quality control, processing, and export activities. This has resulted in an inability to consistently meet production targets and performance expectations.
“Consequently, overall efficiency and revenue generation have been negatively impacted, placing additional strain on the company’s financial resources,” the Association said.
COSSA further mentioned, “As leadership of the staff affected by this decision, we stand by you in this trying moment and to assure members that, this decision was not an easy one, but the industry is on its knees and we have to go the hard way to sustain jobs and protect the industry at large for this crop season, 2025/2026. We shall engage with management more to ensure that, welfare of members is strengthened,” parts of the statement read.
Cocoa Farmers React
Although there have been mixed reactions by cocoa farmers following the announcement of a reduction in the cocoa producer price, majority of farmer associations have expressed dissatisfaction with the move by COCOBOD having waited without receiving payment for cocoa beans sold to the government since November, 2025.
President of the Ghana National Association of Cocoa Farmers, Stephenson Anane Boateng, in a media interview said the decision of COCOBOD to cut salaries of executive management and senior staff is a call in the right direction.
He however stated, “We were expecting it to be 30 percent looking at their salaries. Now that they have come up with 20 percent, we are okay. It shows that they have considered our request, unlike before. So we are a bit okay”.
By Ebenezer K. Amponsah