The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has dismissed calls by the Minority caucus for his removal over recent reforms in the cocoa sector, insisting that the challenges facing the industry stem from decisions taken by the previous administration.
The Minority has criticised ongoing reforms, including the reduction in the cocoa producer price, arguing that the measures shortchange farmers and worsen their plight. The caucus has consequently demanded Dr. Abbey’s removal from office.
Responding to the claims on Thursday, February 12, 2026, Dr. Abbey said the current funding model for cocoa purchases was not introduced by his administration but inherited.
“The model that we are using today is not a model that I created. It is a model that we inherited, which was used in the 2024/2025 season,” he stated.
He explained that the long-standing syndicated loan model, which had financed cocoa purchases for 32 years, collapsed during the 2023/2024 season under the previous government.
“For the first time in the history of the loan, the first tranche hit the COCOBOD account on December 22. COCOBOD had defaulted on its loans and, under the DDEP, asked for the deferment of the debt and a haircut, among others. That is how the syndicated loan collapsed, and that is how this funding model came up with the buyers,” he said.
Dr. Abbey maintained that upon assuming office, his team assessed the inherited system and determined it was unsustainable.
“We came in and we realised that this model was not sustainable. We therefore needed a new model, and that is what we were working towards,” he added.
