Cocoa crisis: COCOBOD CEO blames pricing, legacy debts for stranded beans
The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Mr Randy Abbey, has acknowledged a major disruption in the cocoa market, confirming that tens of thousands of tonnes of cocoa beans are stranded with farmers due to uncompetitive pricing.
Addressing a press conference at Cocoa House in Accra on Friday [Feb 6, 2026], Mr Abbey painted a bleak picture of the current cocoa season, marked by farmer distress, legacy debts and a strained funding model.
He disclosed that while COCOBOD has sold more than 530,000 tonnes of cocoa for the current season, about 50,000 tonnes remain with farmers without buyers, a situation he attributed directly to Ghana’s non-competitive farmgate price.
“The situation is where we have beans but they are not buying; the beans are too expensive,” he said.
Mr Abbey explained that although international cocoa prices have climbed to about $6,400 per tonne, the actual crop price is below $4,000.
With farmers guaranteed a significant share amounting to $5,040, buyers are increasingly turning to alternative markets.
He assured farmers that management fully understands their difficulties, including unpaid deliveries and delayed payments, and said efforts were underway to address the situation, including the development of a new funding model expected to take effect from the 2026/27 season.
Legacy debts and missed opportunities
Reflecting on his one year and two weeks in office, the COCOBOD chief detailed what he described as a staggering debt burden and financial challenges inherited by the current administration.
He revealed that COCOBOD’s total debt stands at GH¢32.91 billion, including a $481 million loan due for repayment in the 2025/26 season, for which no funds had been set aside.
Mr Abbey also disclosed that the Board defaulted on forward sales contracts in the 2023/24 season, having signed agreements for 333,760 tonnes of cocoa at $2,600 per tonne but failing to deliver.
With cocoa prices now significantly higher, he estimated that the failure cost the country nearly $1 billion in potential revenue.
He further cited a $350 million loan secured for cocoa farm rehabilitation covering 156,400 hectares. Despite an additional GH¢700 million injection, he said only 40,000 hectares were completed, even as the loan continues to be serviced.
Cocoa roads and vehicle procurement
On cocoa road projects, Mr Abbey said COCOBOD’s original financial commitment stood at GH¢26 billion, which was subsequently reduced to GH¢6.9 billion in 2023 and further scaled down to GH¢4.35 billion.
He noted that a rationalisation exercise has stalled for two years due to the absence of a GH¢50 million consultancy fee required for feeder road assessments.
Mr Abbey also addressed allegations circulating on social media regarding excessive spending on vehicles, including four Land Cruisers and 110 pick-ups.
He confirmed that 20 vehicles have so far been delivered, with some allocated to the Bunsu Cocoa College and National Best Farmers, adding that his office currently has no official saloon car or Land Cruiser.
The procurement, he explained, was part of a long-planned effort to resolve an operational shortfall, noting that 70.3 per cent of COCOBOD’s vehicle fleet is overaged, a situation he said he inherited.
Funding for the vehicles, he said, came from Internally Generated Funds, specifically proceeds from the sale of cocoa sample residues to local processors. The vehicles were distributed in a 50-25-25 ratio among COCOBOD’s operational divisions and subsidiaries.
Wayforward
Mr Abbey concluded by stressing the need for a new COCOBOD Act, noting that there are currently no laws adequately protecting cocoa trees.
He described the present challenges as the result of deep-seated structural issues and urged stakeholders to exercise patience as management works to rebuild the sector on a sustainable footing.