The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Randy Abbey, has rejected calls by the Minority caucus for his removal, following criticism over recent reforms in the cocoa sector.
The Minority has faulted ongoing changes, particularly the reduction in the cocoa producer price, arguing that the measures disadvantage farmers and deepen the sector’s challenges. The caucus has consequently demanded that Dr. Abbey be relieved of his position.
Responding to the concerns on Thursday, February 12, 2026, Dr. Abbey maintained that the current cocoa financing arrangement was not introduced by his administration but inherited from the previous government.
“The model that we are using today is not one I created. It is a model we inherited, which was used during the 2024/2025 season,” he explained.
He further revealed that the long-standing syndicated loan system, which financed cocoa purchases for more than three decades, collapsed during the 2023/2024 season.
According to him, the first tranche of the loan reached COCOBOD’s account only on December 22 — an unprecedented delay. He noted that COCOBOD had defaulted on its loans and, under the Debt Exchange Programme (DDEP), requested debt deferment and a haircut, circumstances that ultimately led to the collapse of the syndicated loan arrangement and the introduction of the current buyer-based funding model.
Dr. Abbey stressed that upon taking office, his administration reviewed the inherited system and found it unsustainable.
“When we came in, we realised the model was not sustainable. We therefore needed to develop a new approach, and that is what we are working towards,” he stated.
He insisted that efforts are underway to establish a more viable and stable financing framework to safeguard the future of Ghana’s cocoa industry.
