The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has disclosed that the organization owes agrochemical suppliers a staggering $400 million.
Speaking during an interview on TV3’s Hot Issues on Sunday, May 25, 2025, Dr. Abbey outlined the severe financial difficulties confronting the cocoa regulatory body.
According to Dr. Abbey, COCOBOD was nearly insolvent when he assumed office, burdened by debts totaling nearly 33 billion Ghana cedis—some of which date back over four years. A significant portion of this debt, he noted, stems from unpaid bills to agrochemical suppliers, some of whom have not yet delivered the products for which they’ve already invoiced COCOBOD.
“In some instances, the agrochemicals haven’t even reached our warehouses,” he explained. “Suppliers delivered the goods to the port and issued bills of lading, which makes COCOBOD responsible for payment—even if the goods haven’t been cleared.”
Dr. Abbey also criticized past procurement practices, citing major issues with over-ordering and poor stock management. He pointed to a surplus of jute sacks—used for packaging cocoa—accumulating both in warehouses and at the ports. Despite this, previous management went ahead with costly new purchases.
“In December 2024, COCOBOD issued an irrevocable letter of credit worth $48 million to acquire 80,000 more bales, even though over 110,000 bales were already unclaimed at the port,” he revealed. “Such decisions are financially reckless, especially for a company in crisis.”
He further disclosed that the National Investigations Bureau (NIB) is now investigating the disappearance or mismanagement of over 200 containers of agrochemicals and jute sacks.
Dr. Abbey emphasized that COCOBOD is now prioritizing financial discipline, eliminating wasteful spending, and steering the organization toward recovery after years of mismanagement.
