The executive management and senior staff of the Ghana Cocoa Board (COCOBOD) have reduced their salaries in response to liquidity challenges affecting the cocoa sector.
The announcement was confirmed in a press release issued by the Chief Executive of COCOBOD on Monday, February 16, 2026.
The pay cuts are part of wider cost-saving measures intended to align the board’s spending with available revenue for the remainder of the 2025/26 cocoa crop year.
These efforts are aimed at maintaining COCOBOD’s financial stability during a period of declining cocoa prices and market pressures.
What they are saying
The COCOBOD press release highlighted the specifics of the salary reductions for executives and senior staff.
- “The Executive Management and the Senior Staff of COCOBOD have, effective today, Monday, February 16, 2026, reduced their salaries for the remainder of the 2025/26 crop year in recognition of the current liquidity challenges in the cocoa industry.”
- “The Executive Management has taken a twenty (20) per cent cut, while the Senior Staff have taken a ten (10) per cent reduction in their respective salaries.”
The statement noted that these measures, combined with cost-saving actions in procurement and a staff rationalisation exercise, are intended to reduce overall spending and support the financial stability of COCOBOD during this period.
Get up to speed
Cocoa prices have experienced significant volatility in recent months, impacting revenues and liquidity across the sector.
- In 2025, cocoa futures fell by over 44%, sliding from above $10,950 to $6,065 per metric ton.
- A bullish correction in December prevented the full-year decline from exceeding 50%, with prices rebounding from $5,456 to $6,065.
- According to Oran van Dort, commodity analyst at Rabobank, cocoa prices are expected to continue trending downward as favourable growing conditions in West Africa allow more beans to reach ports.
Cocoa prices fell below $4,000 per metric ton on 10 February 2026, marking a month-to-date loss of over 10%, and extending concerns of a repeat of January’s 29% decline.
What you should know
The COCOBOD press release explained that the salary reductions take effect immediately, starting Monday, February 16, 2026, for the remainder of the 2025/26 crop year.
- Cocoa pod counts in West Africa are reported to be 7% above the five-year average, materially higher than last year’s crop, according to Mondelez.
- StoneX projects a global cocoa surplus of 287,000 MT in 2025/2026, followed by 267,000 MT in 2026/2027.
- Global cocoa stocks increased to 1.1 million metric tons as of 23 January 2026, up 4.2% year-on-year, according to the International Cocoa Organization.
- Barry Callebaut AG reported a 22% decline in cocoa division sales volume for the quarter ended 30 November 2025, citing negative market demand.
Abundant ICE-monitored cocoa inventories reached a 3.25-month high of 1,812,564 bags on Monday, February 9, 2026, adding further pressure to prices.
Year-to-date, cocoa prices have fallen over 37% in the global commodity market, approaching a support zone near $3,200 per metric ton.
In Nigeria, the fifth-largest cocoa producer, December cocoa exports rose 17% year-on-year to 54,790 metric tons, reflecting strong production amid regional oversupply.
