The Ghana Cocoa Board (COCOBOD) has firmly dismissed reports suggesting it allocated GH¢12 million to sponsor the Black Stars, stressing that no funds meant for cocoa farmers have been diverted to support sporting activities.
Thank you for reading this post, don't forget to subscribe!In a public notice issued to address growing speculation, the Board described the claims as “false, misleading, and without any factual basis.” It categorically denied extending any financial assistance to the senior national football team, particularly at a time when the cocoa sector is facing financial challenges.
“COCOBOD has not, at any point, redirected funds intended for farmer payments to support the Black Stars,” the statement emphasised.
The regulator reiterated that its primary responsibility remains the welfare of cocoa farmers. It highlighted its ongoing commitment to timely payment for cocoa purchases, supply of farm inputs, extension services, and sustained investment in the sector. The Board also urged the public to rely on its official communication channels for accurate information, in what observers see as an effort to calm anxieties among farmers and stakeholders.
The clarification comes shortly after COCOBOD’s Executive Management and Senior Staff announced voluntary salary reductions in response to liquidity pressures within the industry. In a statement dated February 16, 2026, management disclosed that executives would take a 20 per cent pay cut, while senior staff would accept a 10 per cent reduction for the remainder of the 2025/26 crop season.
According to the Board, the salary cuts form part of wider cost-containment measures, including procurement reforms and a staff rationalisation exercise, aimed at aligning expenditure with revenue.
The austerity steps follow a controversial downward review of cocoa producer prices for the remainder of the 2025/2026 season. Government reduced the price to GH¢41,392 per tonne and GH¢2,587 per 64-kilogramme bag, citing declining global market prices and financial constraints.
Speaking in Accra, Finance Minister Cassiel Ato Forson explained that the adjustment was necessary to reflect prevailing international market conditions while attempting to cushion farmers. He noted that the season had opened in August 2025 with a producer price of GH¢51,660 per tonne, calculated at 70 per cent of a gross free-on-board price of 7,200 US dollars per tonne and an exchange rate of 10.25 cedis to the dollar.
The revised rate represents a significant drop from the October 2025 price of GH¢58,000 per tonne and GH¢3,625 per bag.
Against the backdrop of salary sacrifices, expenditure cuts, and declining producer prices, the alleged multimillion-cedi football sponsorship had threatened to heighten tensions within cocoa-growing communities. COCOBOD’s latest statement appears aimed at restoring confidence and reaffirming its commitment to prioritising farmers’ interests.