Economist Peter Quartey has urged the Ghana Cocoa Board (COCOBOD) to undertake comprehensive structural reforms, arguing that recent salary reductions by management will not be enough to resolve the institution’s financial difficulties.
His comments follow a decision by COCOBOD’s top management to take voluntary pay cuts as part of efforts to ease the Board’s financial burden. Senior executives have reportedly accepted a 20 per cent reduction in salary, while other management staff are taking a 10 per cent cut for the remainder of the 2025/2026 cocoa season. Additionally, the Board of Directors has agreed to forgo sitting allowances during the same period.
Speaking in an interview with Citi Business News, Prof. Quartey acknowledged the symbolic importance of the move but questioned its overall impact.
“The signaling effect is positive,” he noted, “but we must look at the actual numbers and assess how much relief this will truly provide. We need measures that go beyond symbolism.”
According to him, the core challenge lies in the Board’s staffing levels and operational structure. Rather than focusing solely on temporary salary reductions, he advocated for a rationalization of staff to improve efficiency and reduce recurrent expenditure.
Prof. Quartey suggested that where possible, excess personnel could be reassigned to other government agencies in need of skilled workers, instead of resorting to outright dismissals. He stressed that while layoffs may not be desirable, maintaining an oversized workforce with high salary commitments is unsustainable.
The economist emphasized that long-term stability in the cocoa sector will depend on decisive reforms aimed at improving productivity, cutting waste, and restoring financial discipline within COCOBOD.
His remarks come at a time when the cocoa sector continues to face financial pressures, sparking renewed debate over the future direction and sustainability of one of Ghana’s most critical state institutions.