The Chairman of Parliament’s Economy and Development Committee, Hon. Eric Afful, has launched a scathing critique of the New Patriotic Party (NPP), accusing them of orchestrating the current crisis within Ghana’s cocoa sector through years of “financial recklessness” and systemic mismanagement at the Ghana Cocoa Board (COCOBOD).
Responding to recent claims made by the Minority regarding the industry’s struggles, the Amenfi West MP asserted that the NPP has conveniently ignored its own role in destabilizing the sector between 2021 and 2024.
“The NPP is confused and has soon forgotten that the current situation our gallant cocoa farmers are facing was created by its own regime,” Hon. Afful said in a statement on Thursday.
At the heart of the Chairman’s allegations is a major financial shortfall involving an $800 million syndicated facility secured during the 2023/2024 crop year. According to Hon. Afful, while the funds were intended to finance cocoa purchases and international deliveries, the money was poorly managed.
He disclosed a staggering discrepancy: 333,000 metric tonnes of cocoa were not delivered by the end of the season. The corresponding funds cannot be traced within COCOBOD’s official records.
Hon. Afful argued that this missing delivery destroyed COCOBOD’s international credibility, making the institution unattractive to lenders for the 2024/2025 season. This lack of confidence led to a total absence of seed funding, causing the collapse of several Licensed Buying Companies (LBCs), including the Produce Buying Company (PBC).
“The collapse of these LBCs has brought serious hardship to cocoa farmers, transporters, carriers, and workers across the country,” he added, noting the devastating impact on rural economies.
In contrast to the previous administration’s policies, Hon. Afful announced several aggressive reforms introduced by the current NDC government to restore the industry’s health:
Free Fertilizer Reintroduction: Reversing the NPP policy, where farmers were charged for inputs, the government has returned to the 2014-2016 model of free distribution. Hon. Afful alleged that in 2017, the NPP sold fertilizer bags for 80 cedis, even though they were originally intended to be free.
Fair Pricing: Cocoa farmers are now receiving 70% of the world market price, a move designed to boost farmer income and restore morale.
Alternative Financing: With traditional syndication stalled due to COCOBOD’s damaged reputation, the Ministry of Finance and the Bank of Ghana have implemented a substitute financing system as of January 2025.
Clearing the Backlog: The current administration has begun delivering the 333,000 metric tonnes of cocoa left undelivered by the previous regime.
Addressing the sharp decline in production, which fell from 967,000 metric tonnes in 2016 to under 400,000 metric tonnes by 2024, Hon. Afful stated that the Cocoa Rehabilitation Programme has been intensified to restore nationwide volumes.
Dismissing the NPP’s criticisms, the Committee Chair insisted the opposition lacks the moral authority to speak on the matter.
“The NPP does not have the moral right to accuse this government. We are solving the problems they created and handed over to us,” he declared, urging Ghanaians to support the ongoing reforms to safeguard the livelihoods of those dependent on the “golden pod.”
