Economist, Prof. Peter Quartey has called for structural reforms at the Ghana Cocoa Board (COCOBOD), cautioning that salary reductions alone will not resolve the institution’s financial difficulties.

His comments follow a decision by COCOBOD’s senior management to take a 20 percent pay cut, with other management staff accepting a 10 percent reduction as part of measures to ease the Board’s mounting financial pressure.

In an interview with Citi Business News, Prof. Quartey said while the move sends a positive signal, it falls short of addressing the deeper inefficiencies within the organisation.

“I think the signaling effect is good. That is, you are signaling to farmers, to Ghanaians, to everybody, to the global community, that as managers of  the cocoa board, you want to take part of the responsibility to address the problem.”

However, he questioned the real financial impact of the cuts by the management of COCOBOD.

“I wish we were told how much that would be. I mean, there’s 20 percent senior management, 10 percent other management staff. What is the function? How much money are we talking about? How far can this money go?”

According to him, the more sustainable solution lies in staff rationalisation rather than temporary salary adjustments.

“If there are too many staff operating at COCOBOD, let’s do some rationalization. And they can be absorbed or sent to other ministries, department agencies, where they’ll be more useful, rather than laying them off, because there are no jobs.”

He warned against outright dismissals but insisted the current wage structure is unsustainable.

“You can’t just lay people off. You have to give a human face to it… But then keeping them and paying so much in salaries, I don’t think is the right way to go.”

Prof. Quartey stressed that restoring efficiency remains critical to rebuilding confidence in the cocoa sector.

Meanwhile, the Ghana Cocoa Board (COCOBOD) has announced that its Board of Directors will forgo sitting allowances for the remainder of the 2025/26 cocoa season in support of ongoing sector reforms.

In a public notice, the Board said the decision reflects its commitment to prudent financial management, shared sacrifice and responsible leadership as COCOBOD undertakes critical reforms to address recent challenges in the cocoa sector.