COCOBOD Salary Cuts Expected to Save GH¢5m Monthly

The Ghana Cocoa Board (COCOBOD) is projected to save approximately GH¢5 million each month following salary reductions for its executive management and senior staff, according to Head of Public Affairs Jerome Kwaku Sam.

The pay cuts 20% for executive management and 10% for senior staff took immediate effect and will remain in force for the remainder of the 2025/2026 crop year. The decision, announced in a press release dated February 16, 2026, forms part of efforts to address liquidity pressures within the cocoa sector.

Speaking on Eyewitness News on Tuesday, February 17, Mr Sam said the measure reflects leadership’s commitment to prudent financial management under Chief Executive Officer Randy Abbey.

He indicated that the monthly savings could total at least GH¢40 million over the remaining months of the crop year, funds that could be used to reduce the Board’s outstanding debt.

The salary adjustments are part of broader cost-containment measures aimed at aligning expenditure with revenue. Management has also initiated procurement reforms and a staff rationalisation exercise as part of a wider strategy to stabilise COCOBOD’s finances.