COCOBOD CEO raises alarm over misuse of $263m cocoa rehabilitation loan

The Chief Executive Officer of COCOBOD, Dr. Randy Abbey, has expressed deep concern over the disbursement and use of a $263 million loan meant for the rehabilitation of cocoa farms devastated by disease.

The loan was secured to rehabilitate 156,000 hectares of cocoa farmland.

However, according to Dr. Abbey, only 40,000 hectares were rehabilitated by the time the current management assumed office.

“If we had successfully completed the 156,000 hectares, we could have added up to 200,000 tonnes to our cocoa production. We took all that money, and all we have to show for it is just 40,000 hectares completed,” he said.

Dr. Abbey made the remarks during a meeting with cocoa farmers in Nkawie in the Ashanti Region.

He explained that the decision to undertake the rehabilitation project was necessary, as about 40% of the country’s cocoa farms had been affected by disease.

He acknowledged that the original intent of the project was commendable, but questioned the execution.

In addition to the loan, an estimated GHS700 million was also invested in the project. Dr. Abbey said the matter has now been referred to the appropriate investigative bodies.

“There are agencies responsible for investigating these matters. I’m saddened by what has happened. This was a golden opportunity to transform the sector,” he stated.

Despite the setbacks, the current administration is pushing forward. Dr. Abbey disclosed that 21,000 hectares of cocoa farms are now being prepared for rehabilitation, as part of a renewed effort to boost productivity.

“We’ve identified areas left unattended, and I am committed to seeing them rehabilitated and added to our productive stock,” he added.

He also revealed that upon taking office, the new COCOBOD leadership inherited road contracts worth GHS21 billion and existing debts amounting to GHS4.4 billion, further complicating the sector’s financial landscape.