COCOBOD Act reforms to protect cocoa farms, unlock new funding – Randy Abbey

Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has expressed optimism that the passage of a new COCOBOD Act will be fast-tracked to introduce a modern funding model for cocoa purchases and strengthen legal protection for cocoa farms.

According to Dr. Abbey, the proposed legislation is designed to bring Ghana’s cocoa regulatory framework in line with present-day industry realities, addressing long-standing concerns over farm protection, pricing systems, financing structures, and value addition.

He revealed that weaknesses in existing laws allow institutions such as the Minerals Commission to issue prospecting licences that permit access to cocoa farms, posing a threat to cocoa trees and farmer livelihoods.

“Once a prospecting licence is granted, the holder can enter a cocoa farm legally. That is why we needed to review the legal regime,” Dr. Abbey explained.

Beyond land access concerns, the COCOBOD CEO said reforms are also being pursued to overhaul cocoa pricing and financing arrangements, which he described as critical to the sector’s long-term sustainability.

“We needed to review cocoa pricing and also introduce a new funding model for cocoa purchases,” he noted.

Dr. Abbey further highlighted challenges affecting value addition, explaining that current syndicated financing arrangements commit raw cocoa beans in advance, limiting Ghana’s ability to process more cocoa locally.

“Our value addition drive is constrained because syndication structures commit the raw bean, reducing flexibility,” he said.

He disclosed that work on a new COCOBOD Act is already underway and is now being accelerated to reflect both current challenges and future demands of the cocoa industry.

“We are speeding up the process to ensure the Act reflects present realities and foreseeable needs,” Dr. Abbey stated.

Expressing confidence in the process, he praised the Ministry of Finance for its role in the drafting of the bill and expressed hope that it would soon be laid before Parliament.

“With the support of the Finance Minister and his team, we are hopeful the bill will be presented to Parliament and passed,” he added.

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