The Ghana Cocoa Board (COCOBOD) could save an estimated GH₵5 million every month following salary reductions for its executive management and senior staff, according to the Board’s Head of Public Affairs, Jerome Kwaku Sam.
The 20% cut for executive management and 10% for senior staff took effect immediately and will remain in place for the rest of the 2025/2026 crop year. The decision was announced in a press release dated Monday, February 16, 2026, as part of measures to address liquidity challenges within the cocoa sector.
Speaking on Accra-based Citi FM on Tuesday, February 17, Kwaku Sam said the move demonstrates the leadership’s resolve to manage the sector prudently under Chief Executive Officer Dr. Randy Abbey. “But the most important thing is that, at least, the leadership under Dr. Randy Abbey has taken a step. And the step is that we have reduced the salaries of executive management as well as senior staff by 20% and 10%, respectively.
From where I sit, tentatively, at least some 5 million cedis can be saved on a monthly basis. So, if you have about eight months to go, you are talking about no less than 40 million Ghana cedis, which can be used to defray some of the debt that sits on the books of COCOBOD,” he said.
The salary adjustments form part of broader cost-containment efforts aimed at aligning expenditure with revenue. Management has also initiated procurement reforms and a staff rationalisation exercise to help stabilise the Board’s finances.
Story by: Mercy Addai Turkson #ahotorfmonline.com