The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, has confirmed a severe market paralysis that has left tens of thousands of tonnes of cocoa beans stranded in the hands of local farmers.

During a briefing at Cocoa House in Accra on Friday, 6th February 2026, Mr Abbey revealed that while the board has successfully offloaded more than 530,000 tonnes for the current season, an additional 50,000 tonnes remain unsold because Ghana’s farmgate price has become commercially uncompetitive.

The crisis stems from a unique price mismatch. Although international cocoa prices have surged to approximately $6,400 per tonne, the actual prevailing crop price remains below $4,000.

Under current regulations, Ghanaian farmers are guaranteed a substantial share amounting to $5,040—a figure that exceeds the current market value and has driven international buyers to seek alternative markets.

“The situation is where we have beans but they are not buying; the beans are too expensive,” Mr Abbey stated, acknowledging the distress of farmers facing unpaid deliveries and delayed payments.

Marking his first year and a fortnight in office, the COCOBOD chief provided a granular breakdown of a "staggering" financial deficit. The organisation is currently grappling with a total debt of GH¢32.91 billion. This includes a $481 million loan scheduled for repayment in the 2025/26 season, for which Mr Abbey disclosed no funds had been previously allocated by the prior administration.

The board’s financial woes were compounded by significant missed opportunities during the 2023/24 season. COCOBOD reportedly defaulted on forward sales contracts involving 333,760 tonnes of cocoa agreed at a price of $2,600 per tonne. With global prices having soared since those agreements were signed, the failure to deliver on these contracts resulted in a potential revenue loss estimated at nearly $1 billion.

Further scrutiny was placed on the national cocoa farm rehabilitation scheme. Despite securing a $350 million loan to rehabilitate 156,400 hectares and receiving an additional GH¢700 million injection, Mr Abbey reported that only 40,000 hectares—approximately 25 per cent of the target—have been completed. The state remains obligated to service the full loan despite the limited progress.

The controversial cocoa roads project has also seen drastic budgetary contractions. The original financial commitment of GH¢26 billion was slashed to GH¢6.9 billion in 2023, and has now been further reduced to GH¢4.35 billion.

Efforts to rationalise these projects have been stalled for two years, reportedly due to the lack of a GH¢50 million consultancy fee required to assess feeder road conditions.

Addressing recent public scrutiny regarding the procurement of 110 pick-ups and four Land Cruisers, Mr Abbey clarified that the purchases were essential to address an operational crisis. He noted that 70.3 per cent of COCOBOD’s existing vehicle fleet is classified as "overaged".

Vehicle Distribution Strategy:

• Operational Divisions: Received 50 per cent of the new fleet.
• Subsidiaries: Allocated 25 per cent of the delivery.
• Support Units: Assigned the remaining 25 per cent, including Bunsu Cocoa College.

Funding for these vehicles was sourced entirely from Internally Generated Funds (IGF), specifically from the sale of cocoa sample residues to local processors. Mr Abbey emphasised that he personally currently has no official saloon car or Land Cruiser assigned to his office

To prevent a recurrence of the current pricing and funding crisis, COCOBOD is developing a new funding model slated to take effect from the 2026/27 season.

Mr Abbey also called for the passage of a new COCOBOD Act, citing a critical legal vacuum regarding the protection of cocoa trees. He urged stakeholders to remain patient as the management attempts to restructure a sector burdened by deep-seated structural flaws.