A financial and banking analyst, Dr. Richmond Atuahene, has cautioned that the newly proposed US$1 billion domestic bond to finance cocoa purchases will not, by itself, revive Ghana’s struggling cocoa sector.
He maintains that it is very crucial for the new financing model to be backed by aggressive farmer-centered interventions.
According to him, while the new financing strategy could ease the long-standing liquidity constraints facing the Ghana Cocoa Board, the real transformation of the cocoa industry will depend on how effectively the institution supports farmers battling disease outbreaks, declining soil fertility, climate shocks, pests, and illegal mining activities.
Dr. Atuahene argued that Ghana’s cocoa sector has reached a stage where financing alone cannot solve the structural problems undermining production. He stressed that unless cocoa farmers are directly empowered and supported, the country may continue to struggle with falling output despite securing new sources of funding.
Compensatory-Based Rehabilitation of Diseased Farms Must Become a National Priority
One of the strongest recommendations by the financial analyst is for COCOBOD to undertake compensatory-based rehabilitation of cocoa farms destroyed by the Cocoa Swollen Shoot Virus Disease.
He explained that thousands of cocoa farmers have suffered severe losses after infected farms were destroyed, often leaving farmers without livelihoods for years.
To address this, he proposed that COCOBOD should fully absorb the cost of rehabilitating affected farms instead of leaving struggling farmers to bear the burden alone.
Under the proposal, affected farmers and landowners would receive compensation payments, while COCOBOD takes responsibility for cutting diseased trees, treating infected lands, replanting farms, and maintaining the farms for two years before handing them back to farmers.
He believes such an intervention would restore confidence among cocoa farmers and accelerate recovery in cocoa production.
Mass Pruning Must Be Reintroduced
Dr. Atuahene also called for the reintroduction of mass pruning programmes across cocoa-growing communities. According to him, many farmers still rely on cutlasses for pruning cocoa trees, making the process slow, inefficient, and less effective in improving productivity.
He proposed that COCOBOD acquire and distribute motorized pruning machines to cocoa cooperatives to modernize farm maintenance practices.
Fertilizer and Mass Spraying Programmes Need Fresh Urgency
The analyst further called for renewed investment in the Cocoa Diseases and Pests Control Programme (CODAPEC) and the Hi-Tech fertilizer support programme.
He said access to fertilizers and pest control chemicals remains critical to improving soil fertility and protecting cocoa farms from diseases and pests.
Dr. Atuahene noted that although about 4.5 million bags of fertilizer are supplied annually on a subsidized basis, stronger implementation and wider accessibility are needed to make a meaningful impact on cocoa productivity.
Pension Scheme Could Secure Farmers’ Future
Another major recommendation is the urgent rollout of a comprehensive pension scheme for cocoa farmers. According to Dr. Atuahene, many cocoa farmers grow old without financial security despite spending decades supporting one of Ghana’s biggest export industries.
He therefore welcomed plans by COCOBOD to introduce a contributory pension scheme under the three-tier pension framework, but insisted implementation must be accelerated.
A strong pension system would not only improve farmers’ welfare but also attract younger people into cocoa farming.
Assist Farmers to Fight the Illegal Mining Menace
The financial consultant also warned that illegal mining, widely known as galamsey, continues to pose a serious threat to cocoa production.
He urged COCOBOD to actively support cocoa farmers in protecting their lands from illegal mining activities, which continue to destroy farmlands, pollute water bodies, and reduce agricultural productivity.
Failure to tackle galamsey could undermine every intervention introduced to revive the cocoa sector.
The Bottomline
Dr. Atuahene maintained that the proposed US$1 billion domestic cocoa financing bond is an important step toward reducing reliance on expensive syndicated loans from foreign banks.
However, he emphasized that the success of the financing model will ultimately depend on whether cocoa farmers themselves are supported with modern tools, social protection, rehabilitation programmes, and sustainable productivity interventions.
He argued that placing farmers at the center of cocoa sector reforms is the only practical path toward restoring Ghana’s cocoa production and securing the long-term future of the industry.
