The Chief Executive Officer of COCOBOD, Dr. Randy Abbey, has triggered a high-level investigation into the alleged misuse of a $263 million loan that was secured for the rehabilitation of cocoa farms across Ghana.
The funds were intended to restore 156,000 hectares of cocoa plantations that had been devastated by widespread disease infestation. However, at the time the new administration took over, only 40,000 hectares had been rehabilitated.
“If we had successfully done the 156,000 hectares, it would have contributed up to 200,000 tonnes to our production,” Dr. Abbey stated during a farmer engagement at Nkawie in the Ashanti Region. “We took all this money, and all we have to show is just 40,000 hectares completed.”
According to the COCOBOD CEO, nearly 40% of Ghana’s cocoa farms were affected by diseases, prompting urgent action by the former management to rehabilitate them. While the initiative itself was necessary, Dr. Abbey has questioned the lack of results given the size of the loan.
An additional GHS700 million was also injected into the cocoa rehabilitation programme, raising even more concerns about financial mismanagement in the sector.
“There are agencies responsible for the investigation of these things. I am saddened by what has happened because it was a golden opportunity to turn things around,” he lamented.
Despite the setback, the current administration is pushing forward with renewed efforts to restore productivity. COCOBOD is now working to rehabilitate 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… so we can add them to the productive stock,” Dr. Abbey said, indicating a strong commitment to reversing the losses.
COCOBOD also revealed that the new administration inherited road contracts worth GHS21 billion, alongside GHS4.4 billion in outstanding debts — a financial situation that further underscores the need for transparency and strategic reform in Ghana’s cocoa sector.
This revelation has sparked calls for greater transparency and accountability in the cocoa industry, which remains a major contributor to Ghana’s economy. Stakeholders expect the investigation to lead to sanctions if misappropriation is confirmed.
The COCOBOD loan scandal is a wake-up call for institutional reform. With new leadership committed to accountability and sustainable cocoa production, there is cautious optimism that Ghana can still reclaim its position as a top global cocoa producer.
