COCOBOD is drowning in GH¢33bn debt, We Owe People for Years - Randy Abbey
Accra, Ghana - 06 June, 2025 - The Ghana Cocoa Board (COCOBOD), the state-run regulator of the country's cocoa industry, is facing a severe financial crisis, with a crippling debt burden of approximately GH¢33 billion according to Dr. Randy Abbey, the Acting Chief Executive Officer of COCOBOD.
In an interview on Joy News, Dr. Abbey disclosed that the institution is under constant pressure from creditors, including agrochemical suppliers, banks, and legal entities.
He revealed that the debt situation is dire, with COCOBOD owing over $400 million to agrochemical suppliers alone.
“The last time I checked, that debt was close to GH¢33 billion,” he disclosed. “I have to redo it now because the dollar components might go down as a result of the strength of the Cedi now. But that is the situation.”
According to him, the institution is struggling to meet its financial obligations, with creditors frequently visiting COCOBOD headquarters in search of payment.
Dr. Abbey described a daily reality of legal threats and creditor demands, stating that "every day, I'm dealing with either solicitor letters or court issues. And it's about people that we owe."We’ve owed people for four years, for three years, for two years, for a year.”
“I’m sure that when you got here, you waited for about an hour. All those you saw leaving my office were companies that we owed. And the banks are chasing them. And they have also come here to chase us.”
The debt burden has raised serious concerns about COCOBOD's sustainability and its ability to support Ghana's cocoa industry, one of the country's most vital economic sectors. The cocoa industry is a significant contributor to Ghana's economy, generating revenue and providing livelihoods for thousands of farmers and workers.
However, the financial struggles of COCOBOD threaten to undermine the stability of the industry.
Source: Lead News Online
