The Ghana Cocoa Board (COCOBOD) has firmly denied allegations that it diverted GH¢12 million to sponsor the Black Stars, issuing a strong rebuttal to what it describes as “false” and “misleading” rumours circulating in the public domain.
In an official statement released on Thursday, the state agency moved to quash mounting speculation that funds intended for the cocoa sector had been redirected to support the senior national football team. This clarification comes at a time when the industry is navigating significant financial headwinds.
“At no point has COCOBOD diverted funds meant for farmer payments to support the Black Stars,” the statement emphasized, urging the public to disregard the claims, which it said were “without any factual basis.”
The Board reiterated that its core mandate remains the welfare of cocoa farmers, including the prompt payment for cocoa purchases, the provision of farm inputs, and sustained investment in the industry. It directed the public to rely solely on its official communication platforms for verified information, a move widely seen as an attempt to reassure farmers and stakeholders amid heightened scrutiny of public spending.
Austerity Measures in Place
The denial arrives at a delicate moment for the cocoa regulator, which has recently implemented several cost-cutting measures in response to liquidity challenges. Just last week, on Monday, 16 February 2026, COCOBOD’s Executive Management and Senior Staff announced voluntary salary reductions. Executives agreed to a 20 per cent pay cut, while Senior Staff accepted a 10 per cent reduction for the remainder of the 2025/26 crop year.
The Board confirmed that these salary sacrifices are part of broader austerity efforts. “This decision and other cost-cutting measures in procurement and a staff rationalisation exercise are aimed at reducing the overall expenditure of COCOBOD and aligning cost with revenue,” the statement explained.
Producer Price Revised
The internal cost-containment measures follow a recent government revision of the cocoa producer price for the remainder of the 2025/2026 season. Citing falling global market prices and liquidity pressures, the price has been adjusted downward to GH¢41,392 per tonne and GH¢2,587 per 64-kilogramme bag.
Announcing the adjustment in Accra, Finance Minister Dr. Cassiel Ato Forson noted that the move was necessary to reflect prevailing international price realities while aiming to cushion farmers as much as possible.
Against this backdrop of salary sacrifices and falling producer prices, the now-debunked allegation of a multimillion-cedi football sponsorship had threatened to inflame tensions within farming communities already under financial pressure.
