Finance Minister Dr. Cassiel Ato Forson has outlined plans by government to introduce plantation farms by acquiring about 200,000 hectares of cocoa land.

This is aimed at restoring cocoa production levels to 1 million metric tonnes.

Per reports, the country's cocoa production has declined to a little above 500,000 tonnes in 2024.

“Cocoa has always been the mainstay of our economy, and that must not change. Unfortunately, massive mismanagement in recent years has led to a worrying downturn in both production and financial stability. It is time to act decisively," the minister said.

He made this known during the inauguration of an eleven-member Board of Directors for the Ghana Cocoa Board (COCOBOD) on Friday, May 16.

Finance Minister Dr Ato Forson tasked the board to decisively address the issue of diseased cocoa farms, especially in the Western Region, which continues to hamper productivity.

He assured COCOBOD of the full support of the Finance Ministry in all its endeavours.

The new board will be chaired by Dr Samuel Ofosu Ampofo, who has vowed to restore the former glory of COCOBOD by resetting, retooling, and reimagining.

He viewed his appointment as both an honour and a call to duty, pledging on behalf of the members to lead a transformational agenda for the cocoa sector, and thus urged the other members to lead by example.

The other members of the Board include Minister for Finance, Dr. Cassiel Ato Forson; Governor of the Bank of Ghana, Dr. Johnson Asiama; Chief Executive Randy Abbey; Alhaji Alhassan Kobina Ghansah; Vincent Oppong Asamoah; Deputy Minister for Trade, Samson Ahi; Deputy Minister for Agriculture, John Dumelo; Alhaji Alhassan Bukari; Nana Charles Owusu and Eric Turkson.

Energy and Green Transition Minister John Jinapor, who also serves as the Alternate Minister for Finance, in his remarks, entreated the board to live beyond expectation and fix the many challenges facing COCOBOD.

He expressed confidence in the newly constituted board, asserting that they possess the expertise to restore COCOBOD's lost glory.

Challenges facing COCOBOD

COCOBOD is grappling with a staggering debt of GH¢32.5 billion, with GH¢9.7 billion due by the end of September 2025, President John Dramani Mahama has revealed.

Delivering the 2025 State of the Nation Address in Parliament today, he painted a bleak picture of the cocoa sector’s finances, warning of massive revenue losses for both COCOBOD and Ghanaian farmers.

According to Mahama, COCOBOD’s financial woes deepened in the 2023/24 crop season when it failed to supply 333,767 metric tonnes of cocoa that had been pre-sold at $2,600 per tonne. Instead, the contracts were carried over to the 2024/25 season, leading to significant revenue shortfalls.

"This implies that for every tonne of cocoa delivered this year in fulfillment of the rolled-over contract, COCOBOD and cocoa farmers are going to lose $4,000 in revenue," Mahama stated.