The Minister of Finance will on Thursday announce far-reaching measures to address challenges in Ghana’s cocoa sector following an emergency Cabinet meeting that discussed the industry’s pressing issues.
The announcement, scheduled for 11 a.m. at the Jubilee House, will outline decisive measures agreed upon by Cabinet to reform the cocoa sector and expedite payments to farmers.
Minister of State in charge of Government Communications, Felix Kwakye Ofosu, disclosed this on Wednesday during a press briefing after the emergency Cabinet session.
“At 11 a.m. tomorrow, the finance minister will address the people of Ghana and announce these far-reaching measures as agreed upon at the end of the cabinet meeting today,” Mr Kwakye Ofosu stated.
According to the Minister, Cabinet has agreed on measures for expedited payments to cocoa farmers, addressing what he described as matters that have arisen in the sector thus far.
The emergency meeting also reached decisions on implementing what Mr. Kwakye Ofosu described as “the most drastic reforms in the cocoa sector” aimed at achieving quantum leaps in domestic processing of cocoa as opposed to exports of raw materials.
“Decisive measures have been agreed upon regarding expedited payments of cocoa farmers, regarding the implementation of the most drastic reforms in the cocoa sector, with a view to achieving quantum leaps in domestic processing of cocoa, as opposed to exports of raw materials,” he explained.
Cabinet further approved various reforms to be carried out at the Ghana Cocoa Board (COCOBOD) to ensure more effective administration and management of the cocoa sector.
Mr. Kwakye Ofosu indicated that all details would be provided during Thursday’s briefing by the Finance Minister.
“All that will be discussed tomorrow when the finance minister meets you,” he said.
The Minister emphasized that the emergency Cabinet meeting was convened specifically to find solutions to the problems currently facing the cocoa sector, noting that measures have been agreed upon to address all matters that have arisen.
Ghana is one of the world’s leading cocoa producers, and the sector remains a backbone of the national economy, providing livelihoods for millions of farmers and generating substantial foreign exchange for the country.
Richard Aniagyei, ISD
