Licensed Buying Companies (LBCs) have received over GH¢4.2 billion from the Ghana Cocoa Board (COCOBOD) to compensate cocoa farmers who have been waiting since November of last year for payment for their beans.
The payment is a component of efforts to settle unpaid debts in the cocoa business and rebuild trust among farmers and other industry participants.
Jerome Sam, COCOBOD’s Head of Public Affairs, acknowledged in a media interview that the money was made available to the Licensed Buying Companies last week in order to make payments to farmers.
He claims that because of current finance agreements between COCOBOD and the purchasing corporations, some farmers have already received their payments, while others have not.
Mr. Sam also reaffirmed COCOBOD’s commitment to paying cocoa farmers in full before the end of the 2025–2026 cocoa season, which is anticipated in August.
The payment program is a component of more extensive changes that Finance Minister Cassiel Ato Forson recently unveiled with the goal of reorganising the cocoa industry and resolving debts owing to farmers and other parties involved in the cocoa value chain.
It is anticipated that the reforms will stabilise the industry and enhance the financial exchange between COCOBOD, Licensed Buying Companies, and cocoa growers nationwide.
Source: newsthemegh.com