The Ghana Cocoa Board (COCOBOD) is grappling with a crippling debt burden of approximately GH¢33 billion, with little relief in sight, according to the Acting Chief Executive Officer, Dr. Randy Abbey.
Speaking on Joy News on Thursday, June 5, Dr. Abbey painted a bleak financial picture for the state-run cocoa regulator, stating that the institution remains under constant pressure from creditors, including agrochemical suppliers, banks, and legal entities.
“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.”
Cocobod reportedly owes over $400 million to agrochemical suppliers alone. Dr. Abbey described a daily reality of legal threats and creditor demands.
“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 added that creditors frequently visit COCOBOD headquarters in search of 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.”
The alarming debt situation 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.
