COCOBOD Exploring New Funding Model to Boost Value Addition – Randy Abbey

The Ghana Cocoa Board (COCOBOD) is considering a new funding model for cocoa purchases aimed at promoting value addition and reducing reliance on the export of raw cocoa beans.

Chief Executive Officer of COCOBOD, Randy Abbey, disclosed this during a media briefing on Friday, February 6, stating that the proposed approach would move away from financing arrangements that require the collateralisation of raw cocoa.

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

He explained that any financing structure that limits the Board’s ability to prioritise value addition would not be considered, emphasising the need to transform Ghana’s cocoa industry beyond raw exports.

Mr. Abbey noted that discussions on the new funding approach are ongoing and assured that full details would be made public once a final decision is reached.

“The full details will be made known, but obviously, this is on top of the agenda,” he added.

He also acknowledged growing concerns among cocoa farmers over delays in payments, describing the situation as difficult and complex. According to him, COCOBOD is working closely with government and the Ministry of Finance to address the challenges.

“We can appreciate the concerns, the pain, the apprehensions, and the confusion as far as our dear farmers are concerned,” he said, appealing for patience while efforts are made to secure a lasting solution in the interest of all stakeholders.

His comments come amid mounting pressure from the Minority Caucus in Parliament, which has called on COCOBOD and the government to settle outstanding payments exceeding GH¢10 billion owed to cocoa farmers and Licensed Buying Companies (LBCs).

Addressing journalists earlier, Ranking Member on Parliament’s Food, Agriculture and Cocoa Affairs Committee, Isaac Yaw Opoku, warned that farmers who supplied cocoa on credit since November 2025 remain unpaid, worsening their living conditions and posing risks to the stability of the cocoa sector and the broader economy.

He further urged COCOBOD to reimburse all outstanding cocoa taken-over receipts owed to LBCs and ensure prompt payment for subsequent deliveries to prevent a recurrence of the current challenges.