COCOBOD CEO Orders Probe into $263m Cocoa Rehabilitation Loan
Nkawie, Ashanti Region, Ghana - 02 Mat, 2025 - The CEO of Ghana's Cocoa Board (COCOBOD), Dr. Randy Abbey, has expressed deep concerns over the alleged misuse of a $263 million loan intended for rehabilitating cocoa farms affected by diseases.
Speaking at a meeting with farmers in Nkawie in the Ashanti Region, Dr. Abbey revealed that despite the loan, only 40,000 hectares out of a targeted 156,000 hectares were successfully rehabilitated.
This shortfall, Dr. Abbey noted, has resulted in a significant loss of potential cocoa production, estimated at 200,000 tonnes. He lamented that the funds, coupled with an additional GHS 700 million invested in the project, were not utilized effectively. The matter has been referred to relevant agencies for investigation.
Dr. Abbey emphasized the importance of the rehabilitation project, given that about 40% of Ghana's cocoa farms were infested with diseases. He assured that the current administration is committed to increasing cocoa production and has plans to rehabilitate 21,000 hectares of farms.
"If we had successfully done this 156000 hectares, it would have contributed up to 200000 tonnes to our production; we took all this money, and all we have to show is just 40000 hectares completed,"
"There are agencies responsible for the investigation of these things. I am saddened by what has happened because it was the golden opportunity to turn things around in the sector," he said.
"We have left some in the bush, and that is what I am trying to go and work on them and be able to hand them over so we can add them to the productive stock of farms we have," he added.
The new COCOBOD leadership inherited significant financial challenges, including GHS 21 billion in road contracts and GHS 4.4 billion in existing debts. Dr. Abbey's concerns highlight the need for transparency and accountability in managing funds meant for agricultural development.
Source: Lead News Online
