The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has rejected calls from the Minority caucus for his dismissal over recent cocoa sector reforms, maintaining that the industry’s current challenges stem from decisions made under the previous administration. The Minority has criticised the ongoing reforms—particularly the reduction in the cocoa producer price—arguing that they disadvantage farmers and worsen their economic situation. As a result, the caucus has demanded Dr. Abbey’s removal from office.
Responding on Thursday, February 12, 2026, Dr. Abbey clarified that the funding model currently used for cocoa purchases was not introduced by his administration but inherited. He further noted that the long-standing syndicated loan arrangement, which had financed cocoa purchases for 32 years, collapsed during the 2023/2024 season under the previous government.
“For the first time in the history of the loan, the first tranche hit the COCOBOD account on December 22. COCOBOD had defaulted on its loans and, under the DDEP, asked for the deferment of the debt and a haircut, among others. That is how the syndicated loan collapsed, and that is how this funding model came up with the buyers,” he said.
Dr. Abbey maintained that upon assuming office, his team assessed the inherited system and determined it was unsustainable. “We came in and we realised that this model was not sustainable. We therefore needed a new model, and that is what we were working towards,” he added.
Source: Bervelyn Longdon
