The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Randy Abbey, says the Board is working with the Ministry of Finance to settle arrears owed to cocoa farmers.

He said management was fully aware of farmers' concerns about payment delays and pledged to resolve them as soon as possible.

Mr Abbey said this at a press briefing on Friday in Accra, where he announced that COCOBOD was exploring a new funding model for cocoa purchases, with a strong focus on promoting value addition rather than continued reliance on exporting raw cocoa beans.

“We are looking at a model that does not tie our hands with respect to the collateralisation of the raw bean, because we want a funding structure that facilitates and supports value addition,” he said.

“Any financing structure that limits the Board’s ability to prioritise value addition will not be considered.”

Mr Abbey said COCOBOD would meet with the leadership of cocoa farmers after the press briefing to discuss the challenges and agree on a solution as soon as possible.

Mr Abbey explained that the Board was facing liquidity challenges due to delays in accessing syndicated funding, which had compelled it to rely on international buyers to finance cocoa purchases.

“We pay our farmers a price of over US$5,000 per tonne, while cocoa is trading at just over US$4,000 per tonne on the international market,” he said.

He noted that the situation had caused some Licensed Buying Companies (LBCs) to shift from purchasing Ghana’s cocoa beans to sourcing from other producing countries where prices were lower.

Mr Abbey said that since management assumed office in 2025, COCOBOD had procured 20 pickup vehicles through its Internally Generated Funds to improve operations across cocoa-growing areas.

He dismissed claims that the Board had prioritised the purchase of operational vehicles over payments to farmers.

“When I assumed office, there was no official vehicle for me. I had to use my personal vehicle to enable us prioritise the procurement of vehicles for operational duties,” he said.

“How do we expect staff to deliver if there are no vehicles for them to perform their functions?” he asked.

On cocoa roads, Mr Abbey said management had completed a rationalisation process that reduced COCOBOD’s debt from GH¢26 billion to GH¢4.5 billion under the Domestic Debt Exchange Programme.

He reiterated COCOBOD’s commitment to ensuring prompt payment to farmers to support the efficient operation of the cocoa sector.

Cocoa farmers across the country have threatened to embark on demonstrations if outstanding payments owed to them are not settled.

The Minority Caucus in Parliament has also called on the government to immediately settle outstanding payments of more than GH¢10 billion owed to cocoa farmers and Licensed Buying Companies.