COCOBOD announces pay cuts for Management and Senior Staff

In light of the cocoa industry’s financial issues, COCOBOD’s Executive Management and Senior Staff have announced pay cuts for the remaining 2025–2026 harvest year.

A statement released by COCOBOD on Monday, February 16, 2026, stated that senior staff members had agreed to a 10% wage cut, while executive management had taken a 20% pay cut.

The decision, according to the institution, is a part of a larger effort to minimize expenditures and bring operating expenses into line with revenue.

“The Executive Management and the Senior Staff of COCOBOD have, effective today, Monday, February 16, 2026, reduced their salaries for the remainder of the 2025/26 crop year in recognition of the current liquidity challenges in the cocoa industry,” the statement said.

COCOBOD added that the pay cuts, alongside other measures, are intended to ease pressure on its finances.

“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 costs with revenue,” the statement added.

The announcement arrives as the cocoa industry faces increasing pressure due to escalating operational expenses, worries regarding farmer welfare, and heightened public examination of cocoa prices and COCOBOD’s financial status.

In the past few weeks, the cocoa sector has been at the heart of national discussions, sparked by conflicts regarding producer prices and the overall sustainability of cocoa cultivation. Industry analysts have highlighted the challenges of funding cocoa acquisitions, managing operational expenses, and the influence of global price fluctuations on revenue streams.

COCOBOD’s decision to reduce salaries at the top is thus presented as an internal reaction to financial strains impacting the sector, while management strives to manage expenses via procurement reforms and adjustments in the workforce.

The announcement from the Chief Executive lacked specifics regarding the extent of the liquidity shortfall or the anticipated savings from the pay cuts.

Nonetheless, it indicates management’s attempt to show collective sacrifice while the organization seeks wider restructuring initiatives throughout the harvest period.

COCOBOD also stated that the salary reductions will stay effective until the conclusion of the ongoing crop year.

Source: Ghanatodayonline.com