Finance Minister Dr Cassiel Ato Forson has disclosed that Cabinet has directed Attorney-General Dr Dominic Ayine to undertake a concurrent forensic audit and criminal investigation into the activities of COCOBOD over the past eight years, aiming to ensure accountability and transparency in the cocoa sector.

Dr Forson added that the Ministry of Finance will immediately begin operational reforms at COCOBOD to streamline activities, cut costs, and eliminate wasteful expenditure, part of efforts to restore confidence in the industry.

The announcement came during a press conference where Dr Forson outlined sweeping reforms aimed at restoring financial stability and ensuring the long-term sustainability of Ghana’s cocoa sector. These reforms follow an emergency Cabinet meeting held yesterday to address the deepening challenges confronting the industry.

Citing structural weaknesses, financing constraints, and adverse global market conditions as key factors affecting the sector, the Finance Minister emphasized that the measures are not proposals but immediate, Cabinet-approved reforms.

The reforms will focus on four key areas:

- Payment of outstanding arrears owed to cocoa farmers

- Introduction of a new COCOBOD Bill to strengthen governance

- Rollout of a new financing model for cocoa purchases

- A deliberate push to boost local processing of cocoa beans