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Dr. Randy Abbey, Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has disclosed that the institution is grappling with its worst financial crisis in nearly 80 years, driven by massive cocoa road contract commitments and long-standing procurement inefficiencies.
Speaking on The Point of View with Bernard Avle on Channel One TV on Monday, February 9, 2026, Dr. Abbey revealed that COCOBOD’s total debt stood at GH¢32.9 billion at the close of 2024, when he assumed office. He noted that the organisation also recorded a negative equity position of about GH¢3.8 billion, indicating that its liabilities had exceeded its assets for the first time in its history.
According to him, this marks a sharp contrast to 2016, when COCOBOD posted a positive equity of approximately GH¢1.8 billion.
Dr. Abbey explained that a significant portion of the financial exposure stems from cocoa road contracts valued at GH¢26 billion. However, only GH¢4.4 billion of that amount is currently reflected in COCOBOD’s debt books, as it represents certified works awaiting payment.
He clarified that the remaining portion relates to contracts already awarded but not yet captured as debt, adding to the board’s financial risk.
In addition to infrastructure commitments, the COCOBOD CEO highlighted procurement challenges, particularly the continuous purchase of jute sacks used for cocoa packaging despite large quantities remaining uncleared in storage.
He disclosed that this practice has led to avoidable annual expenditure estimated at about $48 million, further worsening the board’s financial position.
Dr. Abbey stressed that the combined effect of legacy debts, outstanding contract obligations, and procurement inefficiencies accounts for the GH¢32.9 billion debt burden he inherited, noting that extensive reforms will be required to restore financial stability and confidence in COCOBOD.
