COCOBOD Bans Cocoa Credit Purchases as Minister Ofosu-Adjare Resolves Nigeria-Ghana Trade Dispute

14th August•3 min read•21 sources

The Ghanaian agricultural landscape is undergoing a significant transformation as the government and sector regulators introduce stringent measures to ensure liquidity and operational efficiency. Central to these reforms is a new directive from the Ghana Cocoa Board (COCOBOD) prohibiting Licensed Buying Companies (LBCs) from purchasing cocoa beans on credit. COCOBOD CEO, Dr. Randy Abbey, has warned that repeat violations will lead to the revocation of operating licenses, a move designed to guarantee prompt payments to farmers and restore discipline within the supply chain. These changes are part of the broader Ghana Cocoa Board Bill 2026, which aims to modernize the industry and secure at least 70% of gross FOB value for farmers by the 2026/27 crop year.

Beyond the cocoa sector, the Tree Crops Development Authority (TCDA) has launched a nationwide initiative to distribute climate-smart inputs and machinery to approximately 1.6 million households. TCDA CEO Dr. Andy Okrah announced an ambitious target of developing 100,000 new hectares of oil palm by 2026 to boost self-sufficiency and reduce reliance on imports. The program supports six strategic crops—cashew, coconut, oil palm, rubber, mango, and shea—providing farmers with essential tools such as tricycles and protective gear. This push is complemented by the Ministry of Food and Agriculture’s distribution of over 37,000 metric tonnes of fertiliser under the Feed Ghana Programme, spearheaded by Minister Eric Opoku to mitigate the financial burdens caused by floods and fluctuating commodity prices.

On the international front, Trade, Agribusiness and Industry Minister Elizabeth Ofosu-Adjare has successfully resolved a critical trade dispute with Nigeria that had previously halted onion exports. The Minister's intervention led to the release of several Ghanaian trucks and has been praised by the Accra Onion Sellers and Importers Cooperative Society and the Cross Border Women Traders Association. Minister Ofosu-Adjare emphasized that maintaining stable cross-border trade is essential for economic stability within the ECOWAS region, warning that prolonged disruptions create uncertainty for farmers, transport operators, and consumers alike. This diplomatic success is viewed as a vital step in the administration’s strategy to foster regional agricultural integration.

Supporting these structural changes is a robust focus on agribusiness entrepreneurship and technological innovation. Absa Bank Ghana, in partnership with Impact Food Hub, recently concluded the Agribusiness Launchpad and Accelerator Programme 2.0. Managing Director Edward Nartey Botchway revealed that the bank has disbursed over GH"700 million to the sector over the past five years, supporting more than 5,000 businesses. Deputy Minister John Dumelo urged participants to prioritize value addition to make Ghanaian products globally competitive. Simultaneously, research institutions like the CSIR-Water Research Institute are pioneering climate-smart solutions, such as converting fish wastewater into nutrient-rich crop inputs, providing a sustainable model for farmers in water-stressed regions.

This story touches markets covered on Anansi Intelligence ↗.

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COCOBOD Bans Cocoa Credit Purchases as Minister Ofosu-Adjare Resolves Nigeria-Ghana Trade Dispute

More from business

Ghana Market Update: Cedi Strengthens Ahead of CanCham Summit as Bezos Consortium Secures Major Stake in Liverpool

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Ghana Government Secures 30% Gold Purchase Agreement with Chamber of Mines to Bolster National Reserves