Randy Abbey is the CEO of COCOBOD
A new approach to financing cocoa purchases is being considered by the Ghana Cocoa Board (COCOBOD), with focus on value addition rather than the continued export of raw cocoa beans, according to the Chief Executive Officer of the institution, Randy Abbey.
Randy Abbey made these statements during a media briefing on February 6, 2026. He indicated that the proposed funding model would move away from systems that require raw cocoa beans to be used as collateral.
“We are looking at a model that does not tie hands with respect to the collateralisation of the raw bean, because we want a funding model that also facilitates or supports value addition,” Randy Abbey said.
COCOBOD CEO explains cause of cocoa payment arrears
He noted that any financing arrangement that restricts the board’s ability to prioritise value addition would not be acceptable.
The CEO of COCOBOD explained that consultations on the new funding structure are underway and assured that comprehensive details would be shared once a final decision is reached. He added that the issue remains a top priority for COCOBOD.
“The full details will be made known, but obviously, this is on top of the agenda,” he said.
He also acknowledged the growing anxiety among cocoa farmers over delays in payments, describing their situation as complex and challenging. According to him, COCOBOD, the government, and the Ministry of Finance are collaborating to resolve the difficulties.
“We can appreciate the concerns, the pain, the apprehensions, and the confusion as far as our dear farmers are concerned,” he said, appealing for patience as efforts continue to find a lasting solution in the interest of all stakeholders, especially farmers.
Randy Abbey’s statement come at a time when the Minority Caucus in Parliament has mounted pressure on the government and COCOBOD to urgently clear outstanding payments exceeding GH¢10 billion owed to cocoa farmers and Licensed Buying Companies (LBCs).
Speaking to journalists on February 5, 2026, the Ranking Member on Parliament’s Food, Agriculture and Cocoa Affairs Committee, Isaac Yaw Opoku, said cocoa farmers have not received payment for beans supplied on credit since November 2025.
He warned that the prolonged delays have worsened the living conditions of farmers and threaten the stability of the cocoa sector and the broader economy.
AK/AM
