Revealed – COCOBOD grappling with a debt burden of GH¢33bn

Dr. Randy Abbey is the Acting CEO of the Ghana Cocoa Board (COCOBOD). He has revealed that COCOBOD has a debt of GH¢33 billion.

According to Dr. Abbey, COCOBOD faces pressure from creditors and suppliers. This includes banks and legal entities. He mentioned this during an interview on Joy News on June 5.

Dr. Abbey stated, “The last time I checked, that debt was close to GH¢33 billion.” He noted that he may need to update this figure soon due to currency fluctuations.

He expressed frustration about dealing with legal issues daily. “Every day, I’m dealing with either solicitor letters or court issues,” he said. The debts have been outstanding for one to four years.

Creditors frequently visit COCOBOD headquarters seeking payment. Dr. Abbey remarked, “All those you saw leaving my office were companies that we owed.” Banks are also pursuing these companies for payments.

The high debt raises concerns about COCOBOD's sustainability and its support for Ghana’s cocoa industry. Despite these financial challenges, Dr. Abbey announced a new cocoa producer price will be set for August 2025.

He assured farmers that the new price would exceed Ivory Coast’s rate. “President John Mahama wants farmers to profit,” he added. The new producer price will be revealed in August 2025 for the upcoming season.