Finance Minister Dr. Cassiel Ato Forson has blamed the previous Akufo-Addo–Bawumia government for COCOBOD’s financial woes, citing indiscriminate contract awards without identified funding sources.
In an interview Citi FM on November 14, a day after presenting the 2026 budget, Dr. Forson revealed that the agency inherited GH¢32 billion in unpaid obligations, a burden the current management cannot clear within a year given COCOBOD’s limited resources.
“When COCOBOD awards a contract, they have to pay the contractors, not the Finance Ministry. The previous government awarded contracts anyhow, without any sources to pay for these contracts,” he said.
“The COCOBOD CEO inherited GH¢32 billion worth of arrears. He cannot pay it in one year because he doesn’t have the resources. COCOBOD cannot go out and borrow because of its balance sheet, so how is it supposed to pay that?”
The Finance Minister further explained that the company’s weakened balance sheet prevents it from borrowing to ease financial pressures, leaving management without immediate means to settle the massive arrears.
He added that more than 3,000 containers of jute sacks are currently stuck at Tema Port—materials that will not be needed for at least the next five years—highlighting procurement excesses that have worsened COCOBOD’s financial strain.
