The Chief Executive Officer of the Ghana Cocoa Board, Dr. Randy Abbey, has revealed that decisions taken nearly a decade ago to maintain cocoa producer prices through borrowing continue to weigh heavily on the sector.
He made the remarks to the media after a brief ceremony introducing three distinguished Ghanaian cocoa farmers honoured at the 2025 Cacao of Excellence Awards, held on February 20 in Amsterdam, Netherlands.
Dr. Abbey explained that efforts to avoid reducing producer prices in the past led to the issuance of cocoa bills that are still impacting the industry.
According to him, when global cocoa prices fell sharply in 2017, neighbouring Côte d’Ivoire reduced its producer price by about 40 percent. Ghana, however, maintained its prices by issuing COCOBOD bills to raise funds.
Dr. Abbey noted that both local and foreign investors subscribed to the bills, but the cost of servicing them came at a price.
“For three years, there was no increase in cocoa producer prices. The interest payments on these bills were effectively borne by farmers,” he said.
He added that the situation worsened in 2022 when COCOBOD and the government were unable to service both the principal and interest on the bills, leading to their inclusion in Ghana’s domestic debt restructuring programme.
“As a result, the bills were restructured and investors who held them suffered haircuts,” Dr. Abbey stated.
The COCOBOD CEO further disclosed that the country is now required to service approximately GH¢2.6 billion annually as a direct consequence of the 2017 borrowing decision.
“About GH¢300 million is paid every March, with an additional GH¢2.3 billion due in August. In total, that is GH¢2.6 billion each year—drawn from cocoa revenues, effectively from farmers,” he explained.
Dr. Abbey emphasised that the situation highlights the long-term risks associated with borrowing to sustain producer prices during periods of market volatility.
“Those decisions were taken nine years ago, and today we are still dealing with the consequences,” he said.
The Cacao of Excellence Programme, an international initiative by the Alliance of Bioversity International and CIAT, seeks to identify, evaluate, recognise, and promote cocoa beans of exceptional quality from across the globe.
The programme brings together leading sensory experts and key players in the global chocolate industry to assess cocoa beans based on flavour complexity and overall quality. It also celebrates the dedication and hard work of cocoa farmers.
The Ghanaian award winners at the 2025 event are:
Mr. Isaac Nyampong — Gold Award (Okorekrom, Asante Akim South District)
Mr. Isaac Asirifi Darko — Silver Award (Akim Osiem, Abuakwa North Municipality)
Mr. Otu Kabu David — Silver Award (Kpone Praso, Asante Akim South District)
