COCOBOD’s GH¢33 Billion Debt Crisis Deepens, Acting CEO Warns of Looming Collapse
Accra, Ghana – June 5, 2025
The Ghana Cocoa Board (COCOBOD) is sinking under the weight of an estimated GH¢33 billion debt, with Acting Chief Executive Officer Dr. Randy Abbey warning of mounting pressure from creditors and an increasingly unsustainable financial outlook.
Speaking on Joy News on Thursday, Dr. Abbey painted a grim picture of the institution’s finances, revealing that COCOBOD is being inundated with legal notices and payment demands from agrochemical suppliers, banks, and legal entities.
“The last time I checked, that debt was close to GH¢33 billion,” Dr. Abbey stated. “I have to redo it now because the dollar components might go down as a result of the strength of the Cedi. But that is the situation.”
According to Dr. Abbey, COCOBOD owes over $400 million to agrochemical suppliers alone, some of whom have not received payment in four years. He described a chaotic and tense working environment, with creditors visiting the COCOBOD headquarters daily in search of overdue payments.
“Every day, I’m dealing with either solicitor letters or court issues. And it’s about people that we owe,” he lamented. “We’ve owed people for four years, for three years, for two years, for a year.”
He revealed that even during interviews and meetings, he is frequently interrupted by aggrieved companies demanding answers.
“I’m sure that when you got here, you waited for about an hour. All those you saw leaving my office were companies that we owed. And the banks are chasing them. And they have also come here to chase us.”
The crippling debt crisis has sparked urgent calls for government intervention, with industry stakeholders warning that the future of Ghana’s cocoa sector—a major foreign exchange earner and rural employer—is at serious risk.
Analysts say the growing debt, compounded by past mismanagement, fluctuating global cocoa prices, and climate impacts, could severely undermine Ghana’s reputation in the international cocoa market.
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