As part of measures to revamp governance and restructure financing across the cocoa sector, the government is preparing to lay a new Cocoa Board Bill before Parliament to repeal the aged Ghana Cocoa Board Act 1984 (PNDC Law 81).
The Finance Minister, Dr Cassiel Ato Forson, disclosed the development on Thursday, 23 July 2026, while presenting the Mid-Year Fiscal Policy Review of the 2026 Budget to the House.
Addressing lawmakers, the Minister highlighted the necessity of the legislative update to modernise the industry’s operations and management framework.
“To modernize the governance and financing of the sector, government will submit a new Cocoa Board Bill to parliament to repeal and replace the Ghana Cocoa Board Act nineteen eighty-four PNDC Law eighty-one,” he stated.
Under the provisions of the proposed draft law, a refreshed producer pricing structure will be established to safeguard cocoa farmers against market volatility whilst guaranteeing them a fixed minimum share of export returns.
Outlining the specific pricing benefits, Dr Forson explained how the mechanism would directly support local farmers.
“The proposed legislation will introduce a new producer pricing mechanism that aligns producer price with movement in international coco price, exchange rate development, and other relevant market conditions. We will also guarantee the cocoa farmer not less than seventy percent of gross free on-board price,” he told the House.
Beyond farm-gate pricing, the legislation aims to fortify Ghana COCOBOD’s balance sheet, revise purchasing frameworks, and push aggressively for domestic processing targets.
Detailing these operational reforms, the Finance Minister emphasized the drive toward local value creation and long-term viability.
“We will also seek to establish a new financing framework for coco purchases and related operations and restore the long-term financial sustainability and operational efficiency of Ghana COCOBOD. The bill will also ensure that not less than fifty percent of coco based produce in Ghana is processed here in Ghana,” Dr Forson said.
Reinforcing the importance of the industry to the broader nation, Dr Forson reiterated that cocoa remains a critical pillar of national revenue and rural livelihood support.
“The cocoa sector remains a cornerstone of Ghana’s economy. Mr speaker, Ghana’s serving as a major source of export earnings and livelihood for millions of Ghanaians particularly in rural Ghana,” he stated.
By: Rainbowradioonline.com/Ghana
