The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has firmly rejected calls by the Minority caucus for his removal from office, insisting that the current difficulties in the cocoa sector are the result of policies inherited from the previous administration.
The Minority has criticised recent industry reforms, particularly the reduction in the cocoa producer price, arguing that the move has worsened farmers’ conditions. The caucus has therefore demanded Dr. Abbey’s dismissal, accusing his leadership of shortchanging cocoa producers.
However, responding to the claims on Thursday, February 12, 2026, Dr. Abbey maintained that the funding model currently being used was not introduced by his administration.
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“The model that we are using today is not a model that I created. It is a model that we inherited, which was used in the 2024/2025 season,” he stated.
He explained that the long-standing syndicated loan system, which had financed cocoa purchases for more than three decades, collapsed during the 2023/2024 season under the previous government.
“For the first time in the history of the loan, the first tranche hit the COCOBOD account on December 22. COCOBOD had defaulted on its loans and, under the DDEP, requested deferment of the debt and a haircut, among other measures. That is how the syndicated loan collapsed, and that is how this funding model came up with the buyers,” he said.
Dr. Abbey stressed that when his administration took over, a thorough assessment revealed that the inherited structure was not viable.
“We came in, and we realised that this model was not sustainable. We therefore needed a new model, and that is what we were working towards,” he added.
He assured stakeholders, particularly cocoa farmers, that management remains committed to restoring stability to the sector and developing a more sustainable financing system that will protect producer incomes and strengthen the industry in the long term.