The Government of Ghana has announced a major financial intervention to stabilize the nation’s struggling cocoa sector, targeting GH₵30 billion through a planned syndicated domestic bond issuance to bolster the operations of the Ghana Cocoa Board (COCOBOD). Sydney Sweeney onlyfans leaks The move comes as the current administration under President John Dramani Mahama initiates sweeping reforms to address what officials describe as “reckless” mismanagement by the previous Akufo-Addo administration.A shift to domestic financing
Speaking to the media on Thursday, February 19, Atta Issah, a member of Parliament’s Finance Committee, explained that the GH₵30 billion bond is designed to provide COCOBOD with the necessary working capital to sustain the industry.
The decision marks a strategic pivot away from international borrowing, which Issah noted has become increasingly unfavorable for the country.
“The government is of the view that we cannot continue to rely on the international market… As a result, the government is providing guarantees to make sure that we issue syndicated domestic bonds. This has been the standard practice in places like the Ivory Coast,” Issah stated.
The “jute sack” scandal: Allegations of mismanagement
While the government seeks fresh funding, the Chairman of Parliament’s Finance Committee, Isaac Adongo, launched a scathing attack on the previous administration’s appointees.
Adongo accused former COCOBOD officials of gross negligence, specifically citing a crisis involving jute sacks—essential for the export of cocoa beans. He alleged that while 286,000 bales of sacks were available at the ports, only 91,000 were cleared, leaving the rest abandoned.
Furthermore, Adongo claimed that in the final days of the previous administration, a GH₵48 million contract was signed to procure an additional 80,000 bales despite the existing surplus at the port.
“If it were possible in the days that we were whipping people, these are the people we have to line up and tell cocoa farmers that it is the conduct of these people that denied the government of Ghana the resources to properly take care of you,” Adongo remarked.
COCOBOD Board foregoes allowances
In a show of “shared sacrifice,” the COCOBOD Board of Directors announced they will forgo all sitting allowances for the remainder of the 2025/26 cocoa season.
In a public notice, the Board stated that this decision is a commitment to prudent financial management as they undertake “critical reforms” to address the sector’s current challenges and safeguard the livelihoods of Ghanaian farmers.
Comparison of cocoa sector measures
Action Objective Impacted Group
GH₵30bn Bond Stabilize working capital & reduce foreign debt COCOBOD & National Treasury
Legislative Review Enhance local participation & processing Indigenous Firms
Allowance Waiver Fiscal discipline & symbolic leadership COCOBOD Board of Directors
Port Clearance Audit Investigate “reckless” logistics management Previous Administration Appointees
