Ghana’s Cocoa Board (COCOBOD) is struggling under a crushing debt of nearly GH¢33 billion, according to its Acting Chief Executive Officer, Dr. Randy Abbey, who has described the institution as being under relentless pressure from creditors.
Speaking on Joy News on Thursday, June 5, Dr. Abbey revealed that COCOBOD’s debt burden includes significant liabilities to agrochemical suppliers, commercial banks, and legal entities — some of which have been unpaid for as long as four years.
“The last time I checked, that debt was close to GH¢33 billion,” he said. “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.”
The state cocoa regulator reportedly owes over $400 million to agrochemical suppliers alone — a sum that underscores the scale of the crisis within one of Ghana’s most crucial economic institutions.
Dr. Abbey, who only recently took over as Acting CEO, painted a daily reality defined by mounting creditor pressure and constant legal threats.
“Every day, I’m dealing with either solicitor letters or court issues. And it’s about people that we owe,” he lamented. “We’ve owed people for four years, for three years, for two years, for a year.”
He disclosed that the headquarters of COCOBOD has effectively become a revolving door for disgruntled creditors seeking payment.
“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,” he explained.
The debt crisis raises serious questions about the sustainability of COCOBOD, which plays a central role in regulating Ghana’s cocoa industry — the backbone of the country’s agricultural exports and a key source of livelihood for millions of farmers.
While Dr. Abbey suggested that the strengthening of the Ghanaian Cedi may slightly ease the pressure on the dollar-denominated portions of the debt, the scale of the overall burden leaves little room for optimism without substantial intervention.
The revelations have heightened public concern about the management of the cocoa sector, especially given the strategic importance of the industry to Ghana’s economy. Cocoa contributes significantly to foreign exchange earnings, employment, and rural development. A crisis at COCOBOD could send ripples through the entire agricultural supply chain, from farm gates to export terminals.
Observers say the depth of the financial distress revealed by Dr. Abbey points to deeper structural issues within the institution and the broader cocoa financing model. With agrochemical suppliers reportedly owed hundreds of millions of dollars, the quality and timeliness of input delivery to cocoa farmers may also be affected, potentially threatening future harvests.
As COCOBOD navigates this financial storm, stakeholders will be watching closely for government intervention or a clear recovery plan to ensure that Ghana’s cocoa industry does not collapse under the weight of debt.
