'We are chased every day' - Cocobod boss paints bleak picture of mounting GH¢33bn debt

Dr. Ransford Anertey Abbey is the Acting CEO of Ghana Cocoa Board (Cocobod). He revealed that Cocobod has a massive debt of GH¢33 billion. There are no immediate plans for financial recovery.

On Joy News’ PM Express Business Edition, Dr. Abbey discussed the serious issues facing Cocobod. He stated, “The last time I checked, that debt was close to GH¢33 billion.” He mentioned that the dollar value might change due to the cedi's performance.

Cocobod faces pressure from suppliers, contractors, and banks. Many of these creditors have not been paid for years. “We owe agrochemical suppliers over $400 million,” he said.

Dr. Abbey noted that many companies visit his office seeking payment. Banks are also pursuing Cocobod for debts owed to these companies.

He highlighted ongoing legal and financial challenges at Cocobod. “Every day, I’m dealing with either solicitor letters or court issues,” he explained. These issues arise from unpaid debts spanning several years.

Contrary to popular belief, the Cocoa Roads Programme is not the main cause of debt. Dr. Abbey clarified that only GH¢4.4 billion relates to this programme’s certificates.

He mentioned a rationalisation exercise at Cocobod to manage contracts better. This includes deciding which contracts can be canceled or transferred.

Dr. Abbey criticized past procurement practices regarding jute sacks. He pointed out an irrevocable letter of credit issued for $48 million in December 2024 for jute sacks that were never cleared.

New jute sacks have started arriving at Cocobod now. Once documents are presented, payment will be made according to the contract terms.

When asked about balancing Cocobod's finances, Dr. Abbey acknowledged it would be challenging ahead. “Our first task was to look at how we’re going to deal with it,” he said, noting they need to reassess their projections due to changes in currency value.