The Chief Executive of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has pushed back strongly against the Minority caucus’ demand for his dismissal, saying current difficulties in the cocoa sector are rooted in policies adopted before he took office.
The Minority has faulted recent reforms, particularly the downward adjustment of the cocoa producer price, arguing that the move disadvantages farmers and deepens their hardship. On that basis, the caucus has called for Dr. Abbey’s removal.
Addressing the issue on Thursday, February 12, 2026, Dr. Abbey rejected suggestions that the present financing arrangement for cocoa purchases was his creation. He stressed that the system was inherited from the previous administration and had already been in use during the 2024/2025 crop season.
According to him, the long-established syndicated loan facility — which had supported cocoa purchases for more than three decades — effectively broke down during the 2023/2024 season. For the first time since its inception 32 years ago, the initial tranche of the loan was released only in late December, severely disrupting operations.
He further explained that COCOBOD had defaulted on portions of its debt and, under the Domestic Debt Exchange Programme (DDEP), sought deferments and restructuring, including haircuts. These developments, he said, led to the collapse of the syndicated loan arrangement and the shift to the current buyer-backed financing model.
Dr. Abbey maintained that upon assuming office, his administration conducted a review of the inherited framework and concluded it could not be sustained in the long term.
“We quickly realised the existing model was not viable,” he indicated, adding that efforts are underway to establish a more durable financing structure for the sector moving forward.
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