New COCOBOD Boss rants on inherited GHC33B debt but pledges reforms for farmers

Dr. Ransford Annetey Abbey, the new CEO of the Ghana Cocoa Board (COCOBOD), has revealed that the company is nearly bankrupt, with a huge debt of GHC33 billion and an additional GHC21 billion in road contracts. Dr. Abbey shared this during an interview on TV3’s Hot Issues program, which aired on Sunday, May 25, 2025.

Answering questions about COCOBOD’s financial status, he said, “We inherited a COCOBOD that could be described as insolvent… a company that owes almost GHC33 billion, and these debts (some of them) are four, three, or two years old.”

He explained that the situation is serious, especially because of expensive road projects, many of which were priced in US dollars. “No matter how you look at the financial capacity of this company, there is no way you will be able to afford to spend GHC21 billion on roads in the next 5–10 years,” he warned.

Dr. Abbey also pointed out that road contractors are still waiting to be paid. Certificates for completed projects worth about GHC4.4 billion are sitting at the COCOBOD cash office, making the financial burden even heavier.

When asked about his main focus as the new CEO, Dr. Abbey said he wants to make COCOBOD’s spending more careful and efficient so farmers can benefit more. “We need to be very prudent in our spending so that we will be able to give the farmer a lot more than what the farmer is earning currently,” he said.

He also spoke about the need to improve how farming inputs, like fertilizers and chemicals, are distributed. According to him, fixing the supply chain will help cut waste and boost productivity.

Dr. Abbey’s comments show that he plans to introduce strong financial and operational reforms to help COCOBOD regain trust and stability in the cocoa industry.