Jerome K Sam, Head of Public Affairs at the Ghana Cocoa Board (COCOBOD), has disclosed that COCOBOD is currently the second-largest debtor in Ghana after the Electricity Company of Ghana (ECG).
The board owes approximately GH₵33 billion.
In an interview with Oyerepa TV, Jerome K Sam confirmed the debt figure, stating, “As we speak, COCOBOD is the second highest entity after ECG that’s owing in Ghana, with an outstanding debt of approximately GH₵32.5 billion heading to GH₵33 billion.”
He added that no one from the previous administration under Joseph Boahen Aidoo, who served as COCOBOD CEO, has denied the existence of this debt crisis.
Jerome said, “There’s no single individual in the previous administration that has come out to say this debt is not true.”
Jerome also highlighted that the current acting CEO, Dr. Randy Abbey, is focused on addressing the debt challenge.
“This debt is the challenge Dr. Randy Abbey is facing and needs to tackle,” he noted.
COCOBOD’s debt has been a growing concern, with reports indicating that the board’s financial difficulties have affected cocoa farmers and the overall sector.
President John Dramani Mahama delivering his State of the Nation address in Parliament on Thursday, February 27, 2025 revealed that Ghana’s cocoa sector is in deep financial crisis, with the Ghana Cocoa Board (COCOBOD) owing a total debt of 32.5 billion Ghana cedis.
He disclosed that 9.7 billion cedis of this debt is due for payment by September 2025.
According to the President, COCOBOD’s financial struggles worsened when it failed to deliver 333,767 metric tons of cocoa that had already been sold at $2,600 per ton during the 2023/2024 season.
The contracts were then rolled over into the 2024/2025 season, causing massive revenue losses for both COCOBOD and cocoa farmers.
Source :www.kumasimail.com /Kwadwo Owusu
