The Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Randy Abbey, has assured cocoa farmers of the unwavering commitment of President John Dramani Mahama and the National Democratic Congress (NDC) government to announce a ‘befitting’ producer price for the 2025/26 cocoa season.
Speaking during an interaction with cocoa farmers, Mr. Abbey underscored the enormous financial challenges the new administration inherited at COCOBOD, revealing a staggering GH¢33 billion debt left behind by the previous New Patriotic Party (NPP) government.
‘Despite the rot we discovered, President Mahama is determined to ensure that cocoa farmers are given what they truly deserve. If this had been any other company, COCOBOD would have been declared bankrupt,”he said.
According to the CEO, the NPP administration forward-sold cocoa beans at $2,600 per tonne but failed to meet supply obligations.
He lamented that two weeks before the 2024 elections, the NPP government announced a cocoa producer price of GH¢3,100 without disclosing the underlying financial difficulties.
“When you add haulage and Licensed Buying Company (LBC) costs, the government was spending nearly GH¢4,000 per bag, yet they sold the cocoa forward at $2,600. This created a massive financial gap that the new government now has to fix,” he explained.
Mr. Abbey criticized the previous government for what he called ‘dishonesty’ in managing COCOBOD’s finances, insisting that the new leadership is committed to transparency.
He indicated that when President Mahama was campaigning, he warned that COCOBOD was bankrupt, but was met with denials from the then administration. “COCOBOD wrote a long rejoinder denying the allegations but today, it has been confirmed beyond doubt. Every day, new debt is being discovered,” he added.
Mr. Randy Abbey pledged that when the 2025/2026 season opens in August or September, a new producer price will be announced that properly rewards farmers for their labour and contribution to the economy.
Meanwhile, cocoa farmers who engaged with the CEO voiced their concerns about persistent challenges, particularly the lack of timely access to quality farming inputs.
The chief farmer recounted, “The Chief Executive met us and listened to all our problems. The fertilizer arrives late, and when it comes, the quantity is reduced and its effectiveness is poor. How can we produce more cocoa and make money if this continues?”
The farmers called on the new COCOBOD leadership to expedite the distribution of farming logistics to enable them to increase yields and improve their livelihoods.
“We pray that everything the new Chief Executive does is done with haste to ensure farmers get their logistics on time, so cocoa production can increase and farmers can earn enough to take care of their families,” another farmer appealed.
Farmers across the country are hopeful that the Mahama administration will deliver on its promise and address the systemic challenges facing the cocoa industry as the 2025/26 cocoa season approaches.