The Ghana Cocoa Board (COCOBOD) has recently addressed several critical issues, including allegations of misallocated funds for vehicle procurement, significant payment delays to cocoa farmers, and the proactive development of a new, sustainable funding model for the sector. Dr. Randy Abbey, the Chief Executive Officer of COCOBOD, has been at the forefront of clarifying the organization's actions and future strategies.

Regarding the controversy surrounding vehicle acquisitions, Dr. Abbey firmly denied claims that funds intended for cocoa farmers were diverted to purchase cars for management. He confirmed that approximately 22 vehicles had indeed been secured but stressed they were not for the personal use of officials. Instead, these vehicles are integral to supporting and strengthening field operations, enhancing service delivery to cocoa-growing communities, and facilitating farmer-focused programmes and monitoring activities. Dr. Abbey highlighted that some vehicles have already been allocated, citing examples like one given to a top farmer and another to the Bunso Cocoa College. He underscored that improving logistics is crucial for boosting productivity, ensuring effective extension services, and maintaining closer engagement with farmers across the country.

COCOBOD also faced considerable scrutiny due to prolonged payment delays to cocoa farmers for beans already delivered, a situation that caused severe hardship and raised fears for the sustainability of the industry. These delays were brought to national attention by the Minority in Parliament, who reported that COCOBOD owed Licensed Buying Companies (LBCs) more than GH¢10 billion. Jerome Kwaku Sam, Head of Corporate Communications at COCOBOD, explained that the delays stemmed from challenges in securing syndicated financing, which necessitated reliance on alternative funding arrangements with international cocoa buyers. Under these arrangements, LBCs initially pre-financed cocoa purchases. However, COCOBOD has since initiated substantial disbursements, with over GH¢6 billion paid in November, more than GH¢5 billion in December, another GH¢6 billion in January, and over GH¢620 million in the current month, with payments continuing to LBCs to clear outstanding amounts owed to farmers.

Looking to the future, Dr. Abbey announced a collaborative effort between COCOBOD, the government, and financial sector players to explore a new funding model. This transformative framework aims to reduce Ghana’s traditional reliance on exporting raw cocoa beans and significantly boost value addition within the industry by promoting local processing and improving revenue generation across the value chain. Dr. Abbey assured that this strategy would enable Ghana to capture more value from its cocoa resources and potentially ease pressure on conventional syndicated loan arrangements. Discussions with stakeholders are ongoing, with further details expected after broader consultations. Importantly, Dr. Abbey pledged that all cocoa farmers who have not yet received payment for their beans would be settled in the coming week.

Amidst these developments, Dr. Abbey reiterated COCOBOD's commitment to supporting cocoa farmers who are currently grappling with mounting economic pressures, including rising production costs and climate-related risks. He acknowledged the difficult conditions facing producers and assured that solutions are being urgently explored to provide relief and improve farmer welfare. COCOBOD is engaging key stakeholders to design interventions focused on sustainability and strengthening support systems, emphasizing that addressing farmer welfare remains a top priority. Potential new measures could encompass improved financing structures and productivity support, all aimed at stabilizing the cocoa sector, a vital contributor to Ghana’s export earnings and national economy.