Salary Reductions at COCOBOD Expected to Generate GHS 40m in Savings This Crop Year
The Ghana Cocoa Board (COCOBOD) is projected to cut monthly costs by approximately GHS 5 million following pay reductions implemented for its executive leadership and senior management, according to the Board’s Head of Public Affairs, Jerome Kwaku Sam.
The revised pay structure featuring a 20% cut for executive management and a 10% reduction for senior staff has taken immediate effect and will apply throughout the 2025/2026 cocoa season. The measure was communicated in a press release issued on Monday, February 16, 2026, as part of efforts to ease liquidity pressures in the cocoa industry.
In an interview on Tuesday, February 17, 2026, Mr Sam said the decision reflects management’s determination to enforce fiscal discipline under the leadership of Chief Executive Officer, Dr Randy Abbey.
“At the very least, management under Dr Randy Abbey has taken a decisive step. That step is the reduction of salaries for executive management and senior staff by 20% and 10%, respectively,” he stated.
He explained that the move is expected to generate substantial financial relief for the Board, creating room to address its outstanding obligations.
“From my assessment, conservatively, the savings could amount to about GHS 5 million each month. With roughly eight months remaining, that translates into no less than GHS 40 million, which can be applied towards settling part of COCOBOD’s existing debt,” Mr Sam said.
The pay cuts form part of a wider cost-control programme designed to better match spending with income. Mr Sam added that management has also embarked on procurement reforms and a staff optimisation exercise to help restore financial stability at the Board.
