Finance Minister Dr. Cassiel Ato Forson has announced that the government will introduce a new Cocoa Board (COCOBOD) Act bill in Parliament, aimed at protecting cocoa farmers’ incomes by guaranteeing them at least 70% of the Free on Board (FOB) export price for their beans.
Speaking at a press briefing, Dr. Forson said the bill is designed to stabilise earnings for cocoa farmers amid global market fluctuations and domestic economic challenges.
“Our goal is to ensure that cocoa farmers receive a fair and predictable price for their produce. This legislation will institutionalise a minimum 70% FOB price guarantee, which aligns farmer incomes with global market realities,” he said.
The bill comes as cocoa farmers faced delayed payments, leading to financial difficulties and unrest in some cocoa-growing regions. By linking local prices to international FOB prices, the government aims to reduce volatility and improve livelihoods for tens of thousands of smallholder farmers across the country.
Dr. Forson added that Parliament is expected to debate the bill in the coming weeks, after which stakeholders including farmer organisations, industry players, and COCOBOD officials will provide input to finalise the legislation.
“The cocoa sector is vital to Ghana’s economy, and it is our responsibility to protect the interests of farmers while ensuring the sector remains competitive globally,” Dr. Forson emphasized.
The proposed law is part of broader reforms to modernise the cocoa sector, improve transparency in pricing, and provide predictable returns for farmers, thereby strengthening Ghana’s position as a leading cocoa exporter.
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