The Ghana Cocoa Board (COCOBOD) has warned companies that buy cocoa from farmers. These companies are known as Licensed Buying Companies or LBCs.
COCOBOD told the LBCs that they must not buy cocoa beans on credit. This means they must pay farmers immediately when they buy their cocoa.
The Chief Executive Officer of COCOBOD, Dr Randy Abbey, announced this new rule. He said it is important for the cocoa buying system.
Dr Abbey explained that this rule will help ensure LBCs have enough money to pay farmers quickly. This is to make sure farmers get their money right away.
Companies that do not follow this rule will face serious consequences. COCOBOD said it will consider taking away their licenses to operate.
Losing a license means a company can no longer buy cocoa in Ghana. This is a serious penalty for businesses in the cocoa industry.
The goal is to create a fair and efficient system for everyone involved in cocoa farming and trading.
COCOBOD is working to protect farmers and ensure the smooth running of Ghana's important cocoa sector.