Accra, Feb. 16, GNA – The Ghana Cocoa Board (COCOBOD) says its Executive Management and Senior Staff have taken salary cuts in response to liquidity challenges confronting the cocoa industry.
A press release issued by the Chief Executive on Monday, February 16, 2026, and copied to the Ghana News Agency, said Executive Management had taken a 20 per cent reduction in salaries, while Senior Staff had accepted a 10 per cent pay cut in their respective salaries.
The statement said the directive, which takes immediate effect, would cover the remainder of the 2025/26 crop year.
It explained that the decision formed part of broader cost-cutting interventions being rolled out by the Board to reduce overall expenditure and align operational cost with revenue.
“These measures, together with other cost-cutting measures in procurement and a staff rationalisation exercise, are aimed at reducing the overall expenditure of COCOBOD and aligning cost with revenue,” the statement said.
Background
The move follows public calls for internal cost-cutting measures, including salary reductions after producer prices paid to cocoa farmers was slashed from GH¢3,625 to GH¢2,587 per bag.
The price adjustment sparked concerns among stakeholders about farmer incomes and sector financing, prompting the Ghana Cocoa Board to adopt austerity steps aimed at easing financial pressure and aligning its expenditure with reduced revenue inflows.
The latest salary reduction by management and senior staff is therefore seen as part of internal austerity steps aimed at sustaining operations and stabilising the sector through the remainder of the crop season.
GNA
17 Feb. 2026
Edited by Samuel Osei-Frempong