The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Randy Abbey, says the Board is collaborating with the Ministry of Finance to settle outstanding payments owed to cocoa farmers.
He acknowledged widespread concerns over delays in payments and assured farmers that management is committed to resolving the situation as quickly as possible.
Mr Abbey made the remarks at a press briefing in Accra on Friday, where he also revealed that COCOBOD is considering a new funding model for cocoa purchases. The proposed approach, he said, would prioritise value addition and reduce dependence on the export of raw cocoa beans.
According to him, the Board is seeking a financing structure that does not restrict the use of cocoa beans as collateral in a way that undermines value addition. He stressed that any funding arrangement that limits COCOBOD’s ability to pursue value-added processing would be rejected.
Mr Abbey further disclosed that after the briefing, management would engage the leadership of cocoa farmers to discuss their concerns and agree on a way forward.
He explained that COCOBOD is currently grappling with liquidity challenges following delays in accessing syndicated financing, a situation that has forced the Board to depend on international buyers to finance cocoa purchases.
He noted that while COCOBOD pays farmers more than US$5,000 per tonne, cocoa is trading at just over US$4,000 per tonne on the international market. This disparity, he said, has led some Licensed Buying Companies (LBCs) to shift from purchasing Ghanaian cocoa beans to sourcing from other producing countries where prices are lower.
Mr Abbey also revealed that since management took office in 2025, COCOBOD has procured 20 pickup vehicles using Internally Generated Funds to enhance operations in cocoa-growing communities.
He dismissed suggestions that the Board had prioritised the purchase of vehicles over payments to farmers, explaining that he initially had no official vehicle and used his personal car to allow operational vehicles to be acquired for staff.
Turning to cocoa roads, Mr Abbey said a rationalisation exercise under the Domestic Debt Exchange Programme had reduced COCOBOD’s debt from GH¢26 billion to GH¢4.5 billion.
He reiterated the Board’s commitment to ensuring prompt payments to farmers to safeguard the smooth functioning of the cocoa sector.
Meanwhile, cocoa farmers across the country have threatened to stage demonstrations if outstanding payments are not cleared. The Minority Caucus in Parliament has also urged the government to immediately settle arrears exceeding GH¢10 billion owed to cocoa farmers and Licensed Buying Companies.
