The Chief Executive Officer of the Ghana Cocoa Board, Randy Abbey, has pushed back against demands from the Minority caucus for his dismissal, saying the problems confronting the cocoa industry were caused by policies introduced by the previous government.
The Minority has criticised recent reforms, especially the cut in cocoa producer prices, arguing that the move negatively affects farmers and deepens their financial difficulties. The group has therefore called for Dr. Abbey to be removed from office.
Addressing the concerns on Thursday, February 12, 2026, Dr. Abbey clarified that the current funding approach for cocoa purchases was not created by his administration but inherited.
“The model we are using today is not one I introduced. It was already in place and used during the 2024/2025 season,” he explained.
He noted that the long-running syndicated loan arrangement, which financed cocoa purchases for over three decades, broke down during the 2023/2024 season under the former administration.
“For the first time, the initial tranche of the loan reached COCOBOD’s account only on December 22. The organisation had defaulted on its loans and, under the Domestic Debt Exchange Programme, requested debt deferment and a haircut. That sequence of events led to the collapse of the syndicated loan and forced the shift to the current buyer-based funding model,” he said.
Dr. Abbey added that when his team took office, they reviewed the inherited structure and concluded it could not continue in its current form.
“When we assumed responsibility, it became clear the model was unsustainable. We had to begin working on a new and more reliable system,” he stated, stressing that the reforms are intended to stabilise the sector and secure its long-term future.
Source: Wesleyannews.com
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