COCOBOD is insolvent, saddled with GHC33 billion debt – CEO Ransford Abbey

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Ransford Annetey Abbey, has disclosed that he inherited an institution on the brink of insolvency, burdened by an overwhelming GHC33 billion debt.

Dr. Abbey made this revelation during an interview on TV3’s Hot Issues programme aired on Sunday, May 25, 2025.

Responding to questions about the financial state of COCOBOD, Dr. Abbey stated bluntly, “We inherited a COCOBOD that could be described as insolvent… a company that owes almost GHC33 billion, and these debts—some of them—are four, three, or two years old.”

He expressed grave concern over the magnitude of liabilities, including road construction contracts worth GHC21 billion, many of which, he said, were contracted in US dollars.

“No matter how you look at the financial capacity of this company, there is no way you will be able to afford to spend GHC21 billion on roads in the next 5–10 years,” he warned.

Dr. Abbey further noted that certificates for completed road works amounting to about GHC4.4 billion are currently pending at the COCOBOD cash office, adding another layer of pressure on the institution’s finances.

When asked about his priority areas as CEO, Dr. Abbey emphasized the need for fiscal discipline and a restructured input distribution system.

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“We need to be very prudent in our spending so that we will be able to give the farmer a lot more than what the farmer is earning currently,” he said, stressing the importance of efficiency in the supply chain and input distribution.

Dr. Abbey’s remarks signal a strong push toward financial restructuring and operational reforms aimed at restoring the credibility and sustainability of Ghana’s cocoa sector.

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