The Chamber of Cocoa Marketers Ghana has warned that Licensed Buying Companies (LBCs) could struggle to return to the farms to buy cocoa when the 2026/27 season opens if Cocobod fails to settle its outstanding debts.

The Chamber says Cocobod owes LBCs nearly GH¢4 billion, leaving the companies struggling to secure fresh credit while they continue servicing loans taken to finance cocoa purchases in previous seasons.

Chief Executive Officer of the Chamber of Cocoa Marketers Ghana, Victus Dzah, says the outstanding debt is making it difficult for LBCs to secure the funds they need for the new season.

“Cocobod has not paid us. How are we going to go back to the field to buy cocoa?” he asked.

He said some LBCs are borrowing at interest rates of up to 40 per cent while waiting for Cocobod to settle its debts.

“You buy the cocoa, and in seven months, you cannot pay. You are totally out of the business. Some companies have collapsed because of this,” Mr Dzah said.

On cocoa pricing, Mr Dzah raised concerns about Ghana’s new pricing mechanism, which guarantees farmers 70 per cent of the FOB price.

He said if Ghana significantly increases its farmgate price, it could create a wider price difference with Côte d’Ivoire, which has opened its 2026/27 season at 1,200 CFA francs per kilogramme.

“If Ghana should hike its price by this percentage, then already you must know there will be huge implications in terms of price differential between Ghana and Côte d’Ivoire,” he said.

Mr Dzah warned that a significant price gap could encourage the movement of cocoa across the border, raising the possibility of smuggling.

He recalled that Ghana lost significant volumes of cocoa to Côte d’Ivoire when prices were higher there in the 2023/24 season.

He stressed the need for measures to deal with the expected increase in cocoa smuggling.

“Plans must be put in place to control the expected heavy smuggling in order to protect the quality of our cocoa,” he said.

He is also demanding clarity on how Cocobod intends to finance cocoa purchases in the new season.

Cocobod had announced plans to raise funds through commercial paper and bonds, but Mr Dzah says LBCs have not been engaged on how the new arrangement will work.

“We are in the second week of September. Nobody has called us to tell us anything about what is going on. We don’t know how the funding system is going to be like,” he said.

The Chamber called for greater transparency and better communication between Cocobod and LBCs ahead of the opening of the 2026/27 cocoa season.