COCOBOD drowning in GH¢33bn debt – Acting CEO reveals

The Ghana Cocoa Board (COCOBOD) is facing a huge debt of about GH¢33 billion. This information comes from the Acting Chief Executive Officer, Dr. Randy Abbey. He spoke on Joy News on Thursday, June 5. Dr. Abbey described a troubling financial situation for COCOBOD.

He mentioned that COCOBOD is under constant pressure from creditors. These include agrochemical suppliers, banks, and legal entities. “The last time I checked, that debt was close to GH¢33 billion,” he said. He noted that the dollar component might decrease due to the Cedi's strength.

Cocobod owes over $400 million to agrochemical suppliers alone. Dr. Abbey shared his daily struggles with legal threats and creditor demands. “Every day, I’m dealing with either solicitor letters or court issues,” he lamented.

He explained that they have owed some creditors for four years or more. Creditors often visit COCOBOD headquarters looking for payment. “I’m sure you waited an hour here,” he said, referring to visitors seeking payments.

The alarming debt situation raises concerns about COCOBOD’s sustainability. It also affects its ability to support Ghana’s cocoa industry, which is vital for the economy.