Government has announced plans to restructure about GH¢5.8 billion in legacy debt owed by the Ghana Cocoa Board (COCOBOD) to the Bank of Ghana and the Ministry of Finance (Ghana) as part of sweeping reforms to stabilise the cocoa sector.

Speaking at a press briefing in Accra, Finance Minister Cassiel Ato Forson said government will seek parliamentary approval to restructure the debt in order to restore COCOBOD’s financial health and improve its balance sheet.

“Government will seek parliamentary approval to restructure approximately 5.8 billion cedis in legacy debt owed by COCOBOD to the Bank of Ghana and the Ministry of Finance as part of measures to restore stability to the cocoa sector”, he said.

According to him, the restructuring is expected to ease pressure on the cocoa regulator, strengthen investor confidence and support broader reforms aimed at reviving Ghana’s cocoa industry.