The Industrial and Commercial Workers Union (ICU) has issued a stern warning to the Ghanaian government, asserting that the very survival of the nation's cocoa sector hinges on the immediate cancellation of a staggering debt exceeding GH¢30 billion owed by the Ghana Cocoa Board (COCOBOD). This urgent call for a decisive financial intervention follows the government's presentation of its 2026 Budget Statement, where ICU General Secretary Morgan Ayawine acknowledged the government's renewed commitment to the sector. However, Ayawine firmly believes that only a comprehensive debt write-off and subsequent recapitalization can elevate COCOBOD back to its "glorious position" as a global industry leader.

Mr. Ayawine underscored the critical need for this financial injection, explaining that Ghana’s vital cocoa industry is currently grappling with deep-seated structural and financial challenges. He cautioned against isolating COCOBOD for blame, suggesting that such massive debt burdens are often symptomatic of wider global industrial phenomena. He stated, “Recently we have been saddled by challenges in the cocoa industry. Every sector globally is bedeviled with issues such as debts, so when we hear that COCOBOD has debts, it should not be taken as though COCOBOD alone is at fault.” He further stressed that the government must recognize COCOBOD's importance and implement pragmatic steps to halt its decline, despite the best efforts of its management and workers. The ICU's core solution, as articulated by Ayawine, is clear: “What COCOBOD needs is capital injection to reclaim its glorious position as the leading producer of cocoa in the world. Writing off COCOBOD’s debt and recapitalizing the institution will put it on the right pedestal to boost production.”

Despite the severe warnings, the ICU did welcome certain aspects of the 2026 Budget. Specifically, the union lauded Finance Minister Dr. Ato Forson's announcement regarding the government’s intention to procure over 200,000 hectares of land for cocoa expansion in the coming year. Mr. Ayawine hailed this as a “bold decision,” expressing confidence that such a move could significantly contribute to COCOBOD achieving its long-standing objective of one million metric tonnes of cocoa production. He affirmed, “If government is able to acquire the 200,000 hectares of land to boost production, there will be no doubt in anyone’s mind that COCOBOD is moving towards achieving its one million metric tonnes.”

However, the union also raised a pressing, immediate operational concern directly impacting market stability. The Produce Buying Company (PBC), a crucial player in the cocoa purchasing chain, has not yet received the necessary funding to commence operations for the ongoing main crop season, which typically begins in October. This critical lack of operational capital poses a significant risk, potentially disrupting the entire purchasing cycle and negatively affecting cocoa farmers and overall market stability.

Beyond the immediate concerns of the cocoa sector, the ICU utilized its budget response to advocate for broader governmental support for other distressed industries that are vital for employment. Mr. Ayawine specifically commended the government’s decision to fully recapitalize the National Investment Bank (NIB). This move was seen as a positive departure from earlier discussions that had suggested a potential merger with the Agricultural Development Bank (ADB). He stated, “The Minister talked about the successful recapitalization of NIB, which was expected to merge with ADB. Through discussions, government allowed both banks to operate independently, and fully recapitalizing NIB is commendable.” The ICU urged the government to "escalate this to other banks that are in distress," indicating a wider need for financial resuscitation across various sectors.

Furthermore, the ICU expressed skepticism regarding the budget’s ambitious target of creating 20,000 new jobs within the textiles and garments sector. Mr. Ayawine argued that the government’s primary focus should instead be on reviving the numerous existing, distressed factories that have fallen into disrepair. He highlighted the dramatic collapse of this industry, noting that the number of functional companies has plummeted from approximately 40 to a mere three or four, with even these struggling to operate effectively and thousands of workers left unemployed. “If government is coming with this laudable idea to set up new companies, we believe the old factories should be revived to complement the new ones,” he suggested, advocating for a strategy that prioritizes the restoration of lost industrial capacity and existing jobs.