COCOBOD CEO Raises Red Flag Over $263 Million Cocoa Farm Rehabilitation Loan
Chief Executive Officer of Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, has expressed deep concerns over the use of a $263 million loan facility contracted for the rehabilitation of diseased cocoa farms across the country.
According to Dr Abbey, only 40,000 hectares out of a targeted 156,000 hectares of cocoa farms were rehabilitated under the programme, despite the full disbursement of funds intended for the exercise.
“If we had successfully done this 156,000 hectares, it would have contributed up to 200,000 tonnes to our production; we took all this money, and all we have to show is just 40,000 hectares completed,” he lamented.
He made the comments during an engagement with cocoa farmers at Nkawie in the Ashanti Region, as part of a working visit to assess ongoing projects under the cocoa rehabilitation scheme.
The programme was initiated following the outbreak of Cocoa Swollen Shoot Virus Disease (CSSVD), which affected nearly 40 per cent of cocoa farms nationwide. At the time, COCOBOD embarked on the ambitious rehabilitation project to restore productivity—an initiative Dr Abbey commended in principle but bemoaned in execution.
In addition to the $263 million loan, an extra GHS700 million was reportedly invested in the same rehabilitation programme. However, the CEO indicated that the outcomes fell significantly short of expectations, raising questions about the prudent use of the funds.
“There are agencies responsible for the investigation of these things. I am saddened by what has happened because it was the golden opportunity to turn things around in the sector,” Dr Abbey remarked, confirming that the matter has been referred to the appropriate state authorities for further investigation.
Meanwhile, the new administration at COCOBOD has begun a fresh push to restore confidence in the cocoa sector, targeting the rehabilitation of an additional 21,000 hectares of cocoa farms.
“We have left some in the bush, and that is what I am trying to go and work on and be able to hand them over so we can add them to the productive stock of farms we have,” Dr Abbey noted.
He also disclosed that upon assuming office, the new management was confronted with road contracts amounting to GHS21 billion and an outstanding debt portfolio of GHS4.4 billion.
The latest revelations come at a time Ghana’s cocoa production has been hit by a combination of climate change, disease outbreaks, and smuggling, severely affecting output and export earnings from one of the country’s key cash crops.
