CEO of COCOBOD, Dr. Randy Abbey, has raised concerns over the use of loans secured for the rehabilitation of cocoa farms affected by diseases.

A loan of 263 million dollars was contracted for the rehabilitation of 156000 hectares of cocoa farms.

But only 40000 hectares were completed at the time of taking over affairs at COCOBOD.

"If we had successfully done this 156000 hectares, it would have contributed up to 200000 tonnes to our production; we took all this money, and all we have to show is just 40000 hectares completed," he lamented.

Dr. Abbey spoke at a meeting with farmers at Nkawie in the Ashanti Region.

According to the COCOBOD CEO, the decision for rehabilitation was made due to the infestation of about 40 per cent of cocoa farms by diseases.

It prompted managers of the COCOBOD at the time to rehabilitate the farms, a move applauded by the new managers.

Dr. Randy Abbey revealed that GHS700 million more was invested in the project.

He says the matter has since been referred to the appropriate quarters for investigations.

"There are agencies responsible for the investigation of these things. I am saddened by what has happened because it was the golden opportunity to turn things around in the sector," he said.

In ensuring cocoa production in the country is increased, the company is working to put 21000 hectares into rehabilitation.

The CEO is committed towards ensuring its success.

"We have left some in the bush, and that is what I am trying to go and work on them and be able to hand them over so we can add them to the productive stock of farms we have," he added.

According to the COCOBOD, the new administration came to office to meet road contracts worth GHS 21 billion signed, with existing debts of GHS4.4 billion.