The Ghana Cocoa Board (COCOBOD) is projected to save approximately GH¢5 million each month following newly announced salary reductions for its executive management and senior staff, according to the Board’s Head of Public Affairs, Jerome Kwaku Sam.
The pay cuts 20 per cent for executive management, and 10 per cent for senior staff, took immediate effect and will remain in force for the remainder of the 2025/2026 crop year. The decision, contained in a press release dated Monday, 16 February 2026, forms part of a broader strategy to address ongoing liquidity challenges within the cocoa sector.
Speaking in an interview on Tuesday, 17 February, Mr. Sam indicated that the move reflects the leadership’s resolve to implement prudent financial management measures under the direction of Chief Executive Officer Dr. Randy Abbey.
“The most important thing is that the leadership under Dr. Randy Abbey has taken a decisive step,” he stated. “We have reduced the salaries of executive management as well as senior staff by 20 per cent and 10 per cent respectively.”
Mr. Sam explained that the projected monthly savings of at least GH¢5 million could accumulate to at least GH¢40 million over the next eight months. According to him, these funds are expected to be channelled towards reducing portions of COCOBOD’s outstanding debt and strengthening the Board’s financial position.
“From where I sit, tentatively, at least GH¢5 million can be saved every month. With about eight months to go, we are looking at no less than GH¢40 million, which can be used to defray some of the debt on COCOBOD’s books,” he said in the interview with Citi FM.
The salary adjustments are part of a wider cost-containment and restructuring effort aimed at aligning expenditure with revenue inflows. Management has also initiated procurement reforms designed to enhance transparency and efficiency, while a staff rationalisation exercise is underway to streamline operations and reduce operational costs.
These measures, according to the Board, are intended to stabilise COCOBOD’s finances, restore investor confidence, and ensure the long-term sustainability of Ghana’s cocoa industry amid prevailing economic pressures.
