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Home Business

COCOBOD is broke, but we will fix it to become more profitable – Dr. Randy Abbey

Kumasi Mail by Kumasi Mail
May 1, 2025
in Business
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COCOBOD is broke, but we will fix it to become more profitable – Dr. Randy Abbey
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The Government of Ghana, in collaboration with the Ghana Cocoa Board (COCOBOD), is preparing to enact new legislation aimed at protecting cocoa trees from being destroyed, particularly through mining activities.

In recent years, Ghana has been rapidly losing significant portions of its cocoa plantations due to gold mining.

According to Randy Abbey, the newly appointed Chief Executive Officer (CEO) of COCOBOD, this unfortunate trend poses a serious threat to the country’s cocoa sector, which in turn affects Ghana’s foreign exchange earnings.

Speaking during a working tour at Nkawie in the Ashanti Region, Dr. Abbey assured local farmers of the government’s commitment to introducing policies that will revitalize and sustain the cocoa industry.

On the subject of the COCOBOD Scholarship Scheme, he revealed that the government plans to reactivate the program.

He eexplain ” our plan is go reintroduce the school in different form by constructing school blocks in cocoa-growing communities, offering tertiary scholarships, and providing healthcare infrastructures (cocoa clinics) in farming districts if the yet to be constitute Board agrees with us” Dr. Abbey said.

Dr. Abbey, however, acknowledged the financial challenges currently facing COCOBOD.

“At the moment, the institution is financially constrained,” he stated. “We don’t even have a functioning board yet. But once the new board is constituted, we will make strategic decisions to support you, the farmers.”

He added that COCOBOD is struggling with debt, including over $20 million owed to contractors under the Cocoa Roads project.

“The President brought me here to correct the wrongs of the past,” Mr. Abbey told the farmers. “We will not repeat the mistakes of previous administrations. I won’t make promises we cannot fulfill. I will be transparent with you so that together, we can overcome these challenges in the best interest of the cocoa sector.”

These remarks were made during a forum at Nkawie, held as part of Workers’ Day celebrations, where cocoa farmers had the opportunity to share their concerns and suggestions with the new COCOBOD CEO.

Source :www.kumasimail.com

Tags: Ghana Cocoa Board (Cocobod)Government of Ghanais enact new legislationprotecting cocoa treesthrough mining activitiestopstory
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