By Daniel Bampoe
The cocoa sector in Ghana is in the spotlight again as government faces growing criticism over delays in payments to cocoa farmers, with tens of thousands of tonnes of cocoa reportedly stranded on farms due to uncompetitive pricing.
The controversy has intensified after Ghana Cocoa Board (COCOBOD) Chief Executive Officer, Randy Abbey, addressed the situation at a press briefing at Cocoa House in Accra on February 6, 2026.
Randy Abbey confirmed that while over 530,000 tonnes of cocoa have been sold for the 2025/26 season, approximately 50,000 tonnes remain unsold and are still with farmers.
He attributed this largely to the non-competitive farmgate price, pointing out that despite international cocoa prices rising to about $6,400 per tonne, Ghanaian buyers are hesitant to pay more than $4,000 per tonne.
He indicated that the guaranteed share to farmers—$5,040—has driven buyers toward alternative markets, leaving farmers with unsold produce and unpaid deliveries.
Abbey also highlighted what he described as legacy debts inherited by the current administration.
He disclosed that COCOBOD currently carries a total debt burden of GH¢32.91 billion, including a $481 million loan due for repayment in the 2025/26 season, for which no funds had been earmarked.
He further noted the Board’s default on forward sales contracts from the 2023/24 season, amounting to 333,760 tonnes sold at $2,600 per tonne but not delivered, which he estimates cost the country nearly $1 billion in potential revenue.
Aside from financial liabilities, Abbey touched on other operational challenges, including underperformance in cocoa farm rehabilitation, cocoa road projects, and the condition of the Board’s vehicle fleet.
On infrastructure, he revealed that COCOBOD’s original commitment for cocoa roads was GH¢26 billion, later reduced to GH¢4.35 billion.
However, two years of rationalisation have stalled due to a missing GH¢50 million consultancy fee for feeder road assessments. Regarding vehicles, he confirmed procurement of 20 units from a larger planned fleet of four Land Cruisers and 110 Toyota Hilux pickups and saloon cars, which he said were necessary to replace a largely overaged fleet.
Abbey explained the purchases were funded from Internally Generated Funds, including proceeds from cocoa sample residues.
While Abbey described these decisions as operational necessities, critics and opposition figures have strongly rejected his explanations, accusing the CEO and the Mahama-led government of mismanagement.
Analysts, political actors, and cocoa industry stakeholders argue that the crisis is less about inherited debts and more a result of poor trading decisions by the current management.
They allege that the decision to sell cocoa on the spot market instead of hedging forward contracts—a practice traditionally used to stabilize revenue—exposed Ghana to volatile prices and left farmers unpaid when prices fell.
Political commentators have also contrasted the current situation with the previous administration, noting that despite inheriting a heavily indebted COCOBOD in 2017, farmers were not left stranded, and the cocoa price per bag increased significantly during that period.
Opposition voices emphasize that, regardless of legacy debts, the responsibility to ensure prompt payment and maintain confidence in the cocoa sector rests with the current leadership.
The unfolding crisis highlights the delicate balance between operational management, financial prudence, and the welfare of cocoa farmers who form the backbone of the agricultural economy.
With farmer livelihoods at stake, critics insist the government must act decisively to clear arrears, stabilize the market, and restore trust before the situation worsens further.
