The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Randy Abbey, has acknowledged a significant disruption in the cocoa market, revealing that tens of thousands of tonnes of cocoa beans remain stranded with farmers due to uncompetitive pricing.
Speaking at a press conference at Cocoa House in Accra on Friday, February 6, 2026, Abbey painted a grim picture of the current cocoa season, highlighting farmer distress, legacy debts, and a strained funding model.
He disclosed that while COCOBOD has sold over 530,000 tonnes of cocoa this season, about 50,000 tonnes remain unsold with farmers—a situation he attributed to Ghana’s farmgate price being uncompetitive.
“The situation is that we have beans, but they are not buying; the beans are too expensive,” he said, explaining that although international cocoa prices have risen to around $6,400 per tonne, the actual crop price in Ghana is below $4,000. With farmers guaranteed a significant share of $5,040 per tonne, buyers are increasingly turning to alternative markets.
Assuring farmers that management fully understands their challenges, including unpaid deliveries and delayed payments, Abbey said steps are being taken to address the crisis, including the introduction of a new funding model expected in the 2026/27 season.
He also revealed the massive debt and financial challenges inherited by the current administration. COCOBOD’s total debt now stands at GH¢32.91 billion, including a $481 million loan due in the 2025/26 season for which no funds had been allocated.
The CEO further disclosed that the Board defaulted on forward sales contracts in the 2023/24 season, having signed agreements for 333,760 tonnes of cocoa at $2,600 per tonne but failing to deliver, a failure he estimated cost the country nearly $1 billion in potential revenue.
He added that a $350 million loan had been secured for cocoa farm rehabilitation, covering 156,400 hectares, with an additional GH¢700 million injected into the sector to address operational challenges.
