Cocoa farmer bailout denied; Majority Caucus blames previous administration

The National Democratic Congress (NDC) Majority Caucus in Parliament has rejected proposals for a bailout package for cocoa farmers, attributing the current challenges in the cocoa sector to what it describes as excessive and irresponsible borrowing by the previous administration led by former President Nana Addo Dankwa Akufo-Addo.  

Addressing a press conference at Parliament House in Accra on Thursday, Mr Isaac Adongo, Chairman of Parliament’s Finance Committee, said the Akufo-Addo administration left the Ghana Cocoa Board (COCOBOD) with an exposure exceeding GH¢60 billion, making it impossible for the institution to secure any additional financing for a bailout.

He noted that COCOBOD’s loan portfolio stood at GH¢17.8 billion at the start of 2025, adding that other outstanding obligations worsened the fiscal situation of the institution.

“Certainly, that vehicle could not be sustainable and needed to be addressed,” Mr Adongo said.  

The Minority Caucus had earlier proposed emergency liquidity support for COCOBOD to cushion cocoa farmers, who are grappling with falling international market prices and a 28 per cent reduction in the producer price.

The press conference, held on the theme: “Cocoa Sector Reforms and Matters Arising,” brought together the leadership of the Caucus, Chairpersons of the Finance, Economic, and Food, Agriculture and Cocoa Affairs Committees of Parliament, as well as other members of the Caucus.

By Elsie Appiah-Osei, GNA