Former Finance Minister Mohammed Amin Adam has criticised both the International Monetary Fund (IMF) and the National Democratic Congress (NDC) administration of John Dramani Mahama over newly announced reforms in the cocoa sector, describing the measures as unnecessary and poorly executed.
Dr. Amin Adam argued that rather than introducing fresh reforms, the government should have implemented the comprehensive turnaround strategy for the Ghana Cocoa Board (COCOBOD) developed under the previous administration in collaboration with the IMF.
According to him, the strategy was designed to restructure COCOBOD and address structural weaknesses within the sector.
“Before we left office, we introduced a turnaround strategy for COCOBOD in consultation with the IMF. It was meant to comprehensively restructure the institution. What is happening today is not surprising because the current government has failed to implement that strategy,” he said.
He maintained that the present administration did not need to unveil a new restructuring plan, insisting that the earlier framework was sufficient to restore stability.
“As far as we are concerned, this government did not need to announce a new strategy. If they had implemented the one we handed over, COCOBOD would not be facing these challenges,” he added.
Dr. Amin Adam also questioned the IMF’s role, expressing surprise that the Fund had not ensured adherence to the agreed reform programme.
“We developed this strategy in consultation with the IMF as part of programme requirements. I am surprised that the IMF appears to be silent on its implementation,” he stated.
He further accused the government of mismanaging the cocoa sector and worsening the difficulties faced by farmers, particularly criticising the reduction in the producer price.
Meanwhile, the government has defended the new cocoa producer price of GH¢41,392 per tonne, equivalent to GH¢2,587 per bag, stating that it reflects developments on the international cocoa market and forms part of broader efforts to stabilise the industry.
The measures were announced on Thursday, February 12, 2026, by Finance Minister Cassiel Ato Forson. They include structural and financial reforms approved by Cabinet to restore confidence in the sector.
Cabinet has also approved plans to revive the Produce Buying Company (PBC) and the Cocoa Processing Company (CPC) to strengthen local participation in the cocoa value chain. Additionally, the remainder of cocoa beans for the 2025/2026 crop year will be allocated for domestic processing as part of efforts to increase local value addition.
