We are chased every day – Cocobod CEO paints a bleak picture of mounting GH¢33bn debt

Dr. Randy Abbey is the Acting CEO of the Ghana Cocoa Board (COCOBOD). He has shared that COCOBOD faces daily pressure from creditors, suppliers, and banks.

Currently, COCOBOD is struggling with a debt of GH¢33 billion. Dr. Abbey mentioned this during an interview on Joy News on June 5. He noted that the debt might change due to fluctuations in the dollar and Cedi exchange rates.

Dr. Abbey expressed frustration about ongoing legal issues. He said they owe money to various entities for up to four years. Creditors frequently visit COCOBOD headquarters seeking payment.

He remarked that visitors often leave his office after discussing debts owed to them. Banks are also pursuing these companies for payments.

The situation raises concerns about COCOBOD's sustainability and its support for Ghana’s cocoa industry. Despite these financial challenges, Dr. Abbey announced plans for a new cocoa producer price in August 2025.

He stated this new price would exceed that of Ivory Coast’s cocoa prices. Dr. Abbey emphasized the importance of ensuring farmers make profits while being transparent about financial realities.

In summary, COCOBOD is under significant financial strain but aims to improve conditions for cocoa producers in the future.