The Majority Caucus in Parliament has said Ghana Cocoa Board (COCOBOD) requires over GH¢30bn in working capital for it to survive.
According to the Majority Caucus, COCOBOD faces a significant liquidity gap.
Speaking at a press briefing on February 19, 2026, Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, Isaac Adongo, stated, “COCOBOD requires over GH¢30 billion in working capital for it to survive, not the GH¢60 billion left behind. If you look at the accounts, you realise that there is a big hole in there”.
Also, Isaac Adongo has said the former managers of COCOBOD under the previous Akufo-Addo administration must be lined up for cocoa farmers to whip them.
According to Isaac Adongo, the Ex-COCOBOD managers deserve severe punishment for their mismanagement of Ghana’s cocoa sector.
He accused the Akufo-Addo administration of failing to properly manage the critical logistics of COCOBOD.
Isaac Adongo added, “When COCOBOD had 286,000 bales of jute sacks at the ports. They cleared only 91,000 and left the rest at the ports. Just a few days before they were leaving office, they contracted someone and paid GHC48 million to bring in 80,000 bales of jute sacks. These are reckless people.
“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 at this point in time.
“So that we will give everybody a cane, and cocoa farmers will whip them. Then we will know who is at fault. But these are the type of people who can sing and dance better than everybody. They think that if you tell the lie many times, it becomes the truth,” he said.
Meanwhile, Jerome Kwaku Sam, the Head of Public Affairs at the Ghana Cocoa Board (COCOBOD), has revealed plans to undertake an internal audit of the cocoa regulator’s over 10,000 staff on its payroll.
According to him, the internal audit is to determine the exact number of employees on its payroll and to assess if their roles are assigned to their portfolios.
He detailed that at the end of the internal audit, if it revealed that COCOBOD can function effectively with 5,000, 1,000 or even 500, so be it.
Speaking in an interview on Citi Business News, Jerome Sam stated, “It is not even about the numbers. If we unearth that the over 10,000 staff are each productive and efficient in what they are doing, that is fine”.
“But if, upon a forensic or Human Resource audit, it is revealed that we can operate effectively with 5,000, 1,000 or even 500 people, and that will ensure the sustenance of the industry, then so be it”.
He added, “The HR audit will ascertain whether we indeed have over 10,000 permanent staff, as the Chief Executive was presented with. Beyond that, it will determine whether all these staff members warrant the portfolios they currently occupy. This is important, and it will be done”.
COCOBOD’s planned audit comes on the heels of the CEO implementing economic measures in response to liquidity challenges within the cocoa sector.
The announcement comes on the heels of heightened strain in the cocoa industry, with some key persons questioning COCBOD’s commitments.
Also, Sam Jerome has revealed that COCOBOD salary reductions affecting over 5,000 senior staff will generate GH¢5 million monthly.
According to Sam Jerome, the COCOBOD salary cut will total GH¢40 million over eight months to defray supplier debts.