By Ashiadey Dotse
The Minister of Finance, Dr Cassiel Ato Baah Forson, says Cabinet has directed the Attorney General to conduct a forensic audit and criminal investigation into the activities of the Ghana Cocoa Board (COCOBOD) over the past eight years.
He made this known at a press briefing in Accra on Thursday, 12 February 2026, following a Cabinet meeting held on Wednesday, 11 February 2026, to address challenges confronting the cocoa sector.
Dr Forson explained that the decision follows serious concerns about alleged financial mismanagement at COCOBOD, particularly in relation to road construction contracts and other non-core expenditures. He revealed that between 2018 and 2021, contracts worth billions of cedis were awarded despite an agreement under the IMF programme from 2023 to rationalise COCOBOD’s financial commitments.
According to him, COCOBOD’s financial exposure had risen to about GH¢21.7bn, largely due to road construction projects. He noted that the previous board and management failed to undertake the required rationalisation exercise.
The finance minister said the exercise has now been completed under the supervision of the Ministry of Finance, the Ministry of Roads and COCOBOD. As a result, the total exposure has been reduced from GH¢21.7bn to GH¢4.35bn.
He added that Cabinet has directed that the remaining liabilities be transferred to the Ministry of Roads and the Ministry of Finance for settlement. Dr Forson stressed that road construction accounts for a significant portion of the financial difficulties currently facing COCOBOD.
To prevent a recurrence, Dr Forson said a new Cocoa Bill will soon be presented to Parliament to prohibit COCOBOD from engaging in quasi-fiscal and other non-core expenditures. The proposed legislation will also provide sanctions for any future breaches.
He further disclosed that the government has secured a $500m World Bank facility to support the construction of agricultural roads, including cocoa roads. This, he said, will transfer responsibility for cocoa road construction from COCOBOD to ensure greater accountability and transparency.
On cocoa prices, the finance minister said the world market price has fallen sharply from an average of $7,200 to about $4,100 per tonne, creating liquidity challenges for the sector.
He said the Producer Price Review Committee has approved a new producer price to cushion cocoa farmers. Effective Thursday, February 12, 2026, farmers will receive GH¢41,392 per tonne for the remainder of the 2025/2026 crop season.
Dr Forson assured cocoa farmers and stakeholders that the government remains committed to protecting their interests, adding that the ongoing reforms will help restore confidence and sustainability in the cocoa sector.
