The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey has voiced deep concerns about the disbursement and utilization of a $263 million loan meant for rehabilitating cocoa farms ravaged by disease.
The loan, secured to restore 156,000 hectares of cocoa farms, has fallen short of its intended impact, with only 40,000 hectares completed by the time Dr. Abbey assumed office. Highlighting the gravity of the shortfall, he stated, “If we had successfully rehabilitated the full 156,000 hectares, it could have contributed up to 200,000 tonnes to our cocoa production Instead, we’ve spent all this money and have just 40,000 hectares to show for it.”
Dr. Abbey expressed his frustrations during an engagement with cocoa farmers at Nkawie in the Ashanti Region, emphasizing the importance of the rehabilitation project in revitalizing the cocoa sector. He explained that the initiative had been launched in response to a crisis: nearly 40% of Ghana’s cocoa farms had been decimated by diseases, significantly impacting yields.
Further Financial Discrepancies Uncovered
In addition to the $263 million loan, Dr. Abbey disclosed that an extra GHS700 million had been poured into the rehabilitation project, yet the results remain underwhelming. The matter has now been referred to investigative agencies, with Dr. Abbey stressed the need for accountability.
“I am deeply saddened by this mismanagement. This was a golden opportunity to transform the cocoa sector, and now we must answer for how these funds were used,” he remarked.
Despite the challenges, Dr. Abbey reaffirmed his commitment to restoring the sector. Under his leadership, COCOBOD has begun rehabilitating an additional 21,000 hectares of cocoa farms, with a focus on neglected farms left to deteriorate. “We can not afford to leave these farms in the bush. My goal is to bring them back to life and add them to our productive stock,” he stated.
Legacy of Debt
The CEO also revealed that the new COCOBOD administration inherited a backlog of financial liabilities, including road contracts valued at GHS21 billion and existing debts totalling GHS4.4 billion. These financial burdens, coupled with the mismanaged rehabilitation funds, have created significant hurdles for the board.
The Path Forward
In the face of these challenges, Dr. Abbey and his team are determined to rebuild trust with farmers and stakeholders. The renewed focus on efficiency and transparency aims to ensure the sustainable development of Ghana’s cocoa industry, a sector critical to the nation’s economy.
With investigations underway, the COCOBOD CEO hopes the findings will serve as a lesson in accountability and pave the way for a more robust and resilient cocoa sector.
Story by: Mercy Addai Turkson #ahotoronline.com
