The newly appointed Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Dr. Ransford Annetey Abbey, has painted a sobering picture of the organisation’s finances, revealing that he has inherited a debt-ridden institution teetering on the edge of insolvency.
In an interview on TV3 on Sunday, Dr. Abbey disclosed that COCOBOD currently carries a staggering GHC33 billion in debt, with road construction contracts alone accounting for an additional GHC21 billion.
“We inherited a COCOBOD that could be described as insolvent,” he stated frankly. “Some of these debts are two to four years old. No matter how you look at the financial capacity of this company, there is no way you can afford to spend GHC21 billion on roads within the next five to ten years.”
The CEO further disclosed that completed road projects worth GHC4.4 billion remain unpaid, with certificates pending at COCOBOD’s cash office, underscoring the mounting pressure on its cash flow and operational stability.
Dr. Abbey’s comments mark a candid departure from the norm and highlight what he sees as urgent priorities: restoring financial discipline, rethinking expenditure, and ensuring that the country’s cocoa farmers are at the centre of the organisation’s restructuring.
“We need to be very prudent in our spending so that we will be able to give the farmer a lot more than what the farmer is earning currently,” he said.
The cocoa sector is a critical pillar of Ghana’s economy, supporting millions of livelihoods. But inefficiencies, delayed payments, and debt have eroded trust in recent years.
Dr. Abbey’s leadership, he says, will focus on bringing credibility and sustainability back to the cocoa sector. While the financial challenges are daunting, he insists the institution can be rebuilt with a clear focus on accountability and putting farmers first.
The revelation comes at a time when cocoa prices have soared globally, offering Ghana a rare window of opportunity, if reforms can be implemented in time.
