Dr Randy Abbey is the Acting Chief Executive Officer of the Ghana Cocoa Board (COCOBOD)

The Acting Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, has disclosed that the institution is burdened with considerable debt, accrued to be around $33 billion, which is posing significant challenges to its financial stability.

Speaking on Joy News' PM Express Business Edition, he said the severe financial situation facing COCOBOD has brough immense pressure on it from suppliers, contractors, and banks.

The acting CEO added that the institution's financial crisis stands at approximately $33 billion, with the figure potentially varying based on the cedi's performance against the dollar.

He went ahead to clarify that the Cocoa Roads Programme is not the primary contributor to the institution's $33 billion debt .

Dr Randy Abbey also acknowledged that COCOBOD still has a long way to go before balancing its books, describing the road ahead as tough.

He added that it would take about four years to get back to its financial order.

“Our first task was to look at how we’re going to deal with it, and the projections we made was that by year four, we should be fine," he stated.

He explained that due to the cedi's appreciation, the institution now needs to redo its financial records to reflect the shift in currency dynamics.

DR/AE