The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Randy Abbey, has indicated that the Board is collaborating with the Ministry of Finance to clear outstanding arrears owed to cocoa farmers.
He acknowledged that the management is cognisant of the concerns raised and the difficulties the delayed payments have caused.
Speaking at a press conference on Friday, 6th 2026, he stated that COCOBOD is exploring a new funding model for cocoa purchases, with a strong emphasis on promoting value addition rather than continued reliance on exporting raw cocoa beans.
“We are looking at a model that does not tie our hands with respect to the collateralisation of the raw bean, because we want a funding structure that facilitates and supports value addition,” he said.
“Any financing structure that limits the Board’s ability to prioritise value addition will not be considered.”
According to him, the Board will meet with cocoa farmers’ leadership to discuss challenges following COCOBOD’s liquidity issues due to delayed funding, which forced reliance on international buyers.
“We pay our farmers a price of over US$5,000 per tonne, while cocoa is trading at just over US$4,000 per tonne on the international market,” he said.
He noted that the situation had caused some Licensed Buying Companies (LBCs) to shift from purchasing Ghana’s cocoa beans to sourcing from other producing countries where prices were lower.
Mr Abbey said that since management assumed office in 2025, COCOBOD had procured 20 pickup vehicles through its Internally Generated Funds to improve operations across cocoa-growing areas.
He dismissed claims that the Board had prioritised the purchase of operational vehicles over payments to farmers.
“When I assumed office, there was no official vehicle for me. I had to use my personal vehicle to enable us to prioritise the procurement of vehicles for operational duties,” he said.
“How do we expect staff to deliver if there are no vehicles for them to perform their functions?” he asked.
By: Rainbowradioonline.com/Ghana
