Cocobod releases GH¢2.6 billion to LBCs to settle cocoa farmers

The Ghana Cocoa Board (COCOBOD) has released GH¢2.6 billion to Licensed Buying Companies (LBCs) to facilitate payments to cocoa farmers across all cocoa-growing regions.

About GH¢1.4 billion of the money is earmarked to clear outstanding debts owed to farmers for cocoa purchased on credit.

The Board said the latest disbursement forms part of efforts to ensure farmers receive payments for cocoa they have legitimately supplied through the approved purchasing system.

It noted that since the start of the 2025/26 crop season, it has paid a total of GH¢34.52 billion to LBCs for onward payment to farmers.

In a press release issued on Thursday, July 2, COCOBOD said it is working closely with the buying companies and has put in place monitoring mechanisms to ensure the funds reach the farmers who are owed.

"We acknowledge the patience, resilience, and understanding demonstrated by cocoa farmers during this challenging period and wish to assure all cocoa farmers that no farmer will be denied payment for cocoa legitimately sold through the approved cocoa purchasing system," the statement read in part.

The Board encouraged farmers with outstanding payments to engage the Licensed Buying Company through which they sold their cocoa, assuring them that efforts are underway to ensure all arrears are fully settled.

According to COCOBOD, the release of the funds reflects the government's commitment to protecting the welfare of cocoa farmers and preserving the integrity of Ghana's cocoa industry.

"The release of these funds underscores the Government's commitment to safeguarding the welfare of cocoa farmers and preserving the integrity of Ghana's cocoa industry," the statement added.