Former Finance Minister Dr. Mohammed Amin Adam has criticised the International Monetary Fund (IMF) and the John Mahama administration over the newly announced cocoa sector reforms, describing them as unnecessary and poorly implemented amid the ongoing crisis of unpaid farmers.

According to Dr. Amin Adam, the sector does not need new reforms, but rather the full implementation of a comprehensive turnaround strategy for the Ghana Cocoa Board (COCOBOD) developed under the Akufo-Addo administration in consultation with the IMF.

“Before we left government, we introduced a turnaround strategy for COCOBOD. And we worked on this with the IMF. This strategy was intended to comprehensively restructure COCOBOD. What is happening today in the cocoa sector is not surprising to us, because this government has failed to implement the COCOBOD turnaround strategy. That is why Cocoa Board is facing these challenges,” he said.

He added that the current administration did not need to announce a new restructuring plan.

“As far as we are concerned, this NDC government did not need to announce any new strategy for restructuring COCOBOD. And as we expected, they could not announce any comprehensive strategy for restructuring COCOBOD. If they implemented the strategy that we handed over to them, COCOBOD would not be in this mess,” he stated.

Dr. Amin Adam also questioned the IMF’s role, expressing surprise that the Fund had not ensured implementation of the agreed reforms.

“I am even surprised that the IMF is sleeping on this. Because we developed this strategy in consultation with the IMF as a requirement for implementing the IMF programme. I’m really surprised that the IMF has gone to sleep on this,” he said.

He accused the government of mismanaging the cocoa sector and contributing to what he described as an unprecedented crisis. He also criticised the reduction in the producer price.

“We’re surprised that the Minister used the opportunity to rather shortchange cocoa farmers,” Dr. Amin Adam said.

The government, however, maintains that the new price – GH¢41,392 per tonne—equivalent to GH¢2,587 per bag— reflects – developments in the international cocoa market and forms part of broader measures to stabilise the sector.

These measures were announced by Finance Minister Dr. Cassiel Ato Forson on Thursday, February 12, 2026, and include a new cocoa producer price and a series of structural and financial reforms approved by Cabinet to restore confidence in the industry.

The Cabinet also approved the revival of the state-owned Produce Buying Company (PBC) and the Cocoa Processing Company (CPC) to strengthen local participation in the cocoa value chain.

In addition, the remainder of cocoa beans for the 2025/2026 crop year will be allocated for domestic processing, as part of a broader policy to ensure that more cocoa is processed locally.