The government is set to reform the country’s cocoa sector with measures to promote domestic processing, improve financial sustainability, and strengthen governance.

Isaac Adongo, Chairman of Parliament’s Finance Committee, announced this at a press conference dubbed “Cocoa Sector Reforms and Matters Arising,” organised by the National Democratic Congress (NDC) Majority Caucus at Parliament House on Thursday.

He stressed the need to promote higher levels of domestic cocoa processing to create jobs, grow Gross Domestic Product (GDP), and make cocoa a strong pillar of Ghana’s economy.

“We want to ensure that cocoa remains a viable and robust pillar in Ghana’s economy.

“Our interventions are guided by the conviction that a financially resilient and well-governed cocoa sector is essential for the prosperity of millions of Ghanaians who depend directly and indirectly on cocoa, especially farmers in rural communities,” he said.

Mr Adongo outlined proposed legislative reforms, including a new bill to be introduced in Parliament to restrict the Ghana Cocoa Board (COCOBOD) from engaging in non-core activities, improve governance, restore financial sustainability and positive equity, and strengthen investor confidence.

He added that the government plans to convert GH¢5.8 billion in legacy debt to restore COCOBOD’s financial health and take over cocoa road construction to free up resources.

Mr Adongo, who is also the National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central, reiterated the government’s commitment to supporting farmers and ensuring they receive good prices for their cocoa.

“We are certain that farmers are still better off under this administration than they were under the previous government,” he said.

According to the Majority in Parliament, the reforms are expected to contribute significantly to Ghana’s economic growth and prosperity.

Meanwhile, as part of reforms in the cocoa industry, the government has reduced the farm gate price of cocoa from GH¢3,625 to GH¢2,587 per bag.