Finance Minister Dr. Cassiel Ato Forson has revealed that the government plans to acquire 200,000 hectares of land for cocoa plantations in a bid to reverse a dramatic slump in output and restore production to 1 million metric tonnes.
Announcing the initiative during the inauguration of a new 11-member board of directors for the Ghana Cocoa Board (COCOBOD), Dr. Forson warned of the sector’s declining fortunes, with current production levels estimated at just 500,000 metric tonnes, half of the country’s peak.
“Cocoa has always been the mainstay of our economy, and that must not change,” Forson said. “Unfortunately, massive mismanagement in recent years has led to a worrying downturn in both production and financial stability. It is time to act decisively.”
The Finance Minister, who now serves on the Board of the Ghana Cocoa Board alongside the Governor of the Bank of Ghana under a new legal mandate, said the plantation initiative will complement efforts by smallholder farmers.
He added that the new state-managed farms are expected to help stabilize long-term output and restore investor confidence in the industry.
Forson also stressed the impact of diseased farms, particularly in the Western Region, as a key obstacle to recovery, pledging full backing from the Finance Ministry to support COCOBOD in its restructuring efforts.
The new board chairman, Dr. Samuel Ofosu Ampofo, echoed the urgency for reform, saying the board is committed to reset, retool, and reposition COCOBOD as a model institution.
