Ghana Cocoa Board (COCOBOD) Acting Chief Executive Officer, Dr. Ransford Anertey Abbey, has disclosed that the institution’s debt burden may be easing slightly due to the recent appreciation of the Ghana cedi, although the overall fiscal situation remains precarious.
Dr. Abbey stated that the last time he reviewed the numbers, COCOBOD’s debt was near $33 billion, but indicated that a reassessment was necessary given currency movements.
“Our debt stood at nearly $33 billion the last time I checked, but it may decrease due to the cedi’s recent strength”
Dr. Ransford Anertey Abbey, Acting COCOBOD CEO
He further elaborated that the figure, which includes multiple obligations, might drop slightly because some dollar-denominated debt will be catered for by the local currency. According to him, “the dollar components that are payable in cedis might go down as a result of the performance of the cedi or the strength of the cedi.”
Despite this possible adjustment, the institution remains under enormous pressure. Dr. Abbey confirmed that COCOBOD owes international chemical suppliers alone over $400 million. He also clarified longstanding confusion around the cocoa road programme, which has often been linked to the broader $33 billion figure.
“And anytime we mentioned the cocoa roads of $21 billion, people assume that the $21 billion is part of the about $33 billion. No. It is not.
“Of the $33 billion we’re talking about, the component of cocoa roads is just $4.4 billion”
Dr. Ransford Anertey Abbey, Acting COCOBOD CEO
He explained that only $4.4 billion of that cocoa roads allocation actually qualifies as part of the larger debt, since that portion reflects certified and executed works awaiting payment. These certificates, he noted, are sitting at the cash office. The rest of the cocoa road contracts have either not been executed or not certified yet.
According to Dr. Abbey, a rationalization exercise is currently ongoing to evaluate which of those outstanding contracts can be cancelled, uploaded to the Ministry, or varied. He noted that a team is examining all such contracts to determine the best path forward to minimize the financial damage. In the meantime, the institution is grappling with the daily consequences of this debt crisis.
“All those you saw leaving my office were companies that we owe – and have the banks chasing them – they have also come here to chase us,” he said.
He noted that his daily routine now includes handling solicitor letters and court-related issues tied to the Board’s arrears. Many contractors and suppliers have gone unpaid for one to four years.
He also cited questionable transactions from as recently as December 2024 and January 2025, including a $48 million contract for 80,000 bales of jute sacks, awarded despite existing backlogs and undelivered materials.
“The paper documents show that imported jute sacks of over 100,000 have not been cleared over a three-year period, yet they still decided to award a contract for 80,000 bales valued at $48 million – That is how this place was run”
Dr. Ransford Anertey Abbey, Acting COCOBOD CEO
According to him, this contract was backed by an irrevocable letter of credit issued on COCOBOD’s account at the Ghana International Bank in London. The new jute sacks have already begun arriving in Ghana, and once bills of lading are presented, payment will be made automatically due to the nature of the irrevocable credit.
Dr. Abbey painted a picture of an institution bogged down by legacy mismanagement and contractual recklessness, complicating any attempts to stabilize its finances in the short term.
About whether COCOBOD would be able to balance its books anytime soon, he acknowledged the challenge, though he expressed hope tied to earlier projections.
“Our first task was to look at how we’re gonna deal with it, and the projections we’ve made was that by year four, we should be fine”
Dr. Ransford Anertey Abbey, Acting COCOBOD CEO
However, those projections may now require revision given the shifting currency dynamics. He concluded, “Now we have to redo the books in view of the cedi’s appreciation.”
