By Wisdom Kofi Dogbey
Managing Director, Cocoa Marketing Company (Ghana) Limited
There are moments in a nation’s economic life when leadership is measured by the necessity of
bold decisions. Since his appointment as Minister for Finance by H.E John D. Mahama, Dr.
Cassiel Ato Forson (MP) has led through such a moment, inheriting an economy still
recovering from one of its most severe crises in a generation, and choosing the harder path of
discipline over the easier one of delay.
Economic management, perhaps more than most areas of public service, demands this kind of
leadership. It requires an ability to confront uncomfortable realities, impose discipline where
expediency may be more attractive, coordinate institutions around a common national purpose
and remain attentive to the human consequences of policy.
As Ghana’s Minister for Finance, Dr. Cassiel Ato Forson (MP) has exercised responsibility at
a particularly consequential period in our economic history. His birthday therefore provides
more than an occasion for goodwill. It offers an appropriate moment to reflect on the demands
of economic leadership, the progress Ghana has made in restoring stability, and the importance
of recent interventions intended to place one of our most strategic national industries, cocoa,
on a stronger and more sustainable footing.
Discipline in the Service of Economic Recovery
Ghana’s recent economic circumstances are well known. The country emerged from a period
characterised by severe fiscal pressures, high inflation, debt distress, elevated borrowing costs,
exchange-rate uncertainty and weakened confidence. Restoring stability from such conditions
was never going to be achieved through a single policy intervention. It required sustained fiscal
adjustment, monetary and fiscal coordination, debt management, expenditure restraint,
improved revenue mobilisation and, critically, the rebuilding of confidence in the institutions
charged with managing the economy.
The emerging indicators are encouraging, even if the work of consolidation is far from
complete. Ghana Statistical Service data show that real GDP grew by 6.0 per cent in 2025,
while year-on-year growth in the first quarter of 2026 reached 6.4 per cent. Headline inflation,
which stood at 23.8 per cent at the end of 2024, had moderated substantially to 5.3 per cent by
June 2026.
Fiscal performance has similarly strengthened. Ministry of Finance data indicate that the
primary balance on a commitment basis improved from a deficit of about 3 per cent of GDP in
2024 to a surplus of 2.6 per cent in 2025. Public debt also declined markedly relative to GDP,
while Ghana’s external reserve position strengthened significantly.
In its assessment of the economy, the Bank of Ghana has pointed to easing inflationary
pressures, stronger external buffers and the continued importance of fiscal discipline in
sustaining macroeconomic stability.
These developments should neither invite complacency nor be reduced to political
boastfulness. Macroeconomic stability is fragile when it is not institutionalised. What matters
is whether the gains can be protected against commodity shocks, geopolitical disruptions, fiscal
pressures and the temptation to abandon discipline when circumstances improve. Dr. Ato
Forson has demonstrated that these gains will be protected.
That is why the Finance Minister’s emphasis on fiscal correction and institutional credibility
deserves attention. In the 2026 Mid-Year Fiscal Policy Review, Government reaffirmed its
fiscal anchors and maintained the approved appropriation without seeking a supplementary
estimate. The broader objective is clear: stability must become the foundation upon which
Ghana builds productive investment, jobs and economic transformation.
For those of us entrusted with the leadership of parastatals, this principle has direct meaning.
Every state institution ultimately operates within the macroeconomic environment created by
national policy. Inflation affects operating costs. Interest rates affect financing. Exchange-rate
movements influence international trade.
Fiscal pressures influence the capacity of the State to support strategic sectors. Therefore, the consequenses of economic management travel through every public institution, business, household and farming community.
Value for Money as a Philosophy of Public Leadership
An equally important dimension of Dr. Forson’s stewardship has been the emphasis on
expenditure discipline, accountability and value for money.
The decision to place a Value for Money Office Bill before Parliament is significant because
it seeks to institutionalise a principle that should be fundamental to public administration:
government expenditure must be judged not simply by how much is spent, but by what that
expenditure achieves.
The proposed framework is intended to strengthen scrutiny around
economy, efficiency, effectiveness, equity and sustainability in the use of public resources.
For state-owned enterprises and public institutions, this philosophy is particularly important.
Public resources are held in trust. Financial discipline must therefore go beyond compliance
with accounting procedures. It must inform procurement, investment decisions, operational
expenditure, project selection and the deployment of institutional assets.
A cedi spent inefficiently is not merely an accounting loss; it is a resource denied to another legitimate
national priority, a position the Finance Minister has made clear over and over again.
Value for money should consequently be understood as a philosophy of responsible leadership,
as exemplified by the minister. It asks institutions to distinguish between expenditure that
merely consumes resources and expenditure that builds enduring capacity.
It demands that public managers pursue efficiency without compromising institutional purpose. And it
recognises that public confidence grows when citizens can see a reasonable relationship
between resources committed and outcomes delivered.
This philosophy is especially relevant to Ghana’s cocoa industry, where the financial choices
made by institutions ultimately affect hundreds of thousands of farming households and the
wider economy.
Securing the Future of Ghana’s Cocoa Economy
Few commodities are as closely connected to Ghana’s economic history and international
identity as cocoa. For generations, cocoa has supported rural livelihoods, generated foreign exchange, sustained
employment across an extensive value chain and contributed materially to Ghana’s export
earnings.
It has built communities, supported national development and established Ghana’s
reputation in international markets as a dependable supplier of premium-quality cocoa.
Yet history alone cannot guarantee the future of the industry.
The cocoa economy of today operates within increasingly complex realities: volatile
international prices, climate pressures, production uncertainty, rising input costs, changing
sustainability requirements, financing constraints and intensifying competition for value within
the global chocolate industry.
Ghana must therefore continually adapt its institutions and
commercial structures if cocoa is to remain both profitable for the farmer and sustainable for
the State. Recent developments illustrate the urgency of reform, a reform led by the Hon Finance Minister
under the guidance of His Excellency the President.
In February 2026, Government convened an emergency Cabinet meeting to address financial
and commercial pressures in the cocoa sector. The Ministry of Finance subsequently outlined
a broad reform programme focused on producer pricing, cocoa-purchase financing,
institutional balance-sheet sustainability, local processing and tighter expenditure discipline.
One of the most important reforms concerns producer pricing.
Government has proposed a mechanism under which the producer price will respond more systematically to movements in international cocoa prices, exchange rates and other relevant market variables, while
guaranteeing farmers not less than 70 per cent of the gross Free-on-Board price.
This direction was reaffirmed in the 2026 Mid-Year Fiscal Policy Review and, significantly, has since been
incorporated by the Minister for Finance into the new cocoa legislation passed by Parliament.
The principle is therefore no longer merely a policy aspiration; it has been codified in law,
subject to presidential assent.
This represents an important step towards giving greater predictability, transparency and
institutional permanence to producer pricing. Cocoa pricing cannot sustainably operate in
isolation from the market into which Ghana sells its beans.
At the same time, market adjustment must never lose sight of the farmer whose labour makes the entire industry possible. By embedding the minimum farmer share within the new legal framework, the reform seeks to
balance market responsiveness with a clear and enduring commitment to protecting producer
interests.
The central policy challenge is to protect farmer income while ensuring that the system through
which cocoa is purchased, financed and sold remains commercially viable. A producer price
that is disconnected from realised market conditions may appear attractive in the short term but
can eventually create liquidity constraints, delay payments to farmers and threaten the
sustainability of the entire purchasing system.
Recognising this delicate balance, the Minister for Finance has moved beyond policy pronouncement to institutionalise a more sustainable pricing framework in the new cocoa legislation. The framework links producer pricing more closely to prevailing international market conditions while guaranteeing farmers a defined
share of the gross Free on Board value.
With Parliament having passed the Bill and the legislation now awaiting presidential assent, this important reform is set to be codified into law, providing greater predictability, discipline and sustainability in the determination of cocoa producer prices. This is why reform of cocoa financing is equally important.
Government has proposed a new financing framework for cocoa purchases and related
operations, moving towards greater reliance on domestic financing instruments and reducing
structural dependence on arrangements that constrain commercial flexibility.
The Ministry of Finance’s February reform statement envisaged domestic cocoa bonds and a revolving
financing structure, while the Mid-Year Review subsequently outlined a new COCOBOD
legislative framework designed to restore long-term financial sustainability and operational
efficiency.
That legislative process has since advanced decisively, with Parliament passing the
new COCOBOD legislation, thereby providing the statutory foundation for the revised
financing, pricing and operational framework envisaged under the Government’s cocoa-sector
reforms.
Just as consequential is the renewed ambition for value addition. Government has directed that,
beginning with the 2026/27 crop season, at least 50 per cent of Ghana’s cocoa beans should be
processed locally. This policy direction has now been given legislative backing through the
new cocoa-sector law passed by Parliament, signalling a deliberate shift towards greater
domestic processing, value creation, and retention of more of the economic benefits of cocoa
within Ghana.
For Ghana, this represents an important strategic proposition. Our long-term cocoa story cannot
be confined to increasing the volume of raw beans exported. We must progressively capture
more value through grinding, processing, semi-finished products, manufacturing, branding and
access to new markets. At Cocoa Marketing Company (Ghana) Limited, we understand this relationship.
Leadership, Legacy and a Birthday Note
The enduring test of economic leadership is rarely whether every decision is immediately
popular. It is whether decisions are grounded in evidence, responsive to changing realities and
capable of protecting institutions from short-term choices that compromise their future.
As Ghana continues the work of consolidating economic recovery, strengthening public
institutions and repositioning the cocoa sector for a new era, Dr. Cassiel Ato Forson’s
contribution should be considered within this broader context of responsibility.
On the occasion of his birthday, we in Ghana’s cocoa industry recognise and appreciate his
attention to the sector and the policy interventions being pursued to strengthen its financial
foundations, improve farmer outcomes, expand local value addition and secure the industry’s
long-term sustainability.
There remains much work ahead. Cocoa markets will continue to change. Ghana’s fiscal
circumstances will continue to demand prudence. Reform is moving from policy statements
into disciplined execution. But leadership is ultimately measured by the willingness to confront
the difficult questions of the present while building institutions capable of serving generations
yet to come.
The Finance Minister has proven he measures up!
I therefore wish Dr. Cassiel Ato Forson (MP) good health, wisdom and strength as he continues
in the service of our country.
And on this special day, those of us who serve within Ghana’s cocoa industry have every reason
to say: “The cocoa sector appreciates you, Hon minister.”
