Acting Chief Executive of COCOBOD, Dr. Randy AbbeyThe Ghana Cocoa Board (COCOBOD) is battling a massive debt crisis, with liabilities nearing GH¢33 billion, according to Acting Chief Executive Dr. Randy Abbey.
In an interview on Joy News on Thursday, June 5, Dr. Abbey revealed the extent of the financial distress facing the cocoa regulator, which continues to face relentless pressure from banks, agrochemical suppliers, and legal firms.
“The last time I checked, that debt was close to GH¢33 billion,” he said. “I have to redo it now because the dollar components might go down as a result of the strength of the Cedi now. But that is the situation.”
COCOBOD’s debt includes more than $400 million owed to agrochemical suppliers, with no immediate solution in sight. Dr. Abbey painted a picture of a daily struggle to fend off legal threats and creditor demands.
“Every day, I’m dealing with either solicitor letters or court issues. And it’s about people that we owe,” he said. “We’ve owed people for four years, for three years, for two years, for a year.”
He recounted the persistent visits from frustrated creditors seeking payment. “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 deepening debt crisis has sparked growing concern over COCOBOD’s long-term viability and its ability to sustain Ghana’s critical cocoa sector.
