The Ghana Cocoa Board (COCOBOD) has given GH¢2.6 billion to Licensed Buying Companies (LBCs) to assist payments to cocoa farmers, with more than half of the sum intended to erase outstanding debts owing to farmers who provided cocoa on credit.
Approximately GH¢1.4 billion of the most recent distribution has been put aside to settle the outstanding balances owed by LBCs to impacted farmers throughout the nation’s cocoa-growing regions, according to a statement released by the cocoa regulator.
The current distribution puts the total amount paid by COCOBOD to Licensed Buying Companies from the start of the 2025/26 crop season to GH¢34.52 billion for onwards payment to farmers.
The Board said it is working closely with LBCs to ensure that outstanding payments are made promptly and has put in place monitoring systems to verify that the funds reach the proper beneficiaries.
“COCOBOD acknowledges the patience, resilience and understanding demonstrated by cocoa farmers during this challenging period and wishes to assure all cocoa farmers that no farmer will be denied payment for cocoa legitimately sold through the approved cocoa purchasing system,” the statement said.
COCOBOD stated that it would continue working with industry stakeholders to guarantee that any outstanding obligations are properly met, while farmers who have unpaid balances have been instructed to contact the Licensed Buying Company through which they sold their cocoa.
According to the Board, the most recent payment demonstrates the government’s dedication to preserving trust in Ghana’s cocoa marketing system and safeguarding the welfare of cocoa farmers.
It reiterated its commitment to protecting farmers’ interests and making sure they receive the full value of cocoa supplied through the authorised purchasing system, adding that timely payment to farmers is still essential to maintaining the integrity of the cocoa industry.
COCOBOD also expressed appreciation to cocoa farmers for their continuous contribution to Ghana’s economy, pledging to work with government and industry stakeholders to develop the cocoa value chain, boost farmer welfare and promote the long-term viability of the country’s cocoa industry.
Source: newsthemegh.com