Dr. Randy Abbey, the CEO of the Ghana Cocoa Board, has disclosed that the industry is still adversely impacted by decisions made almost ten years ago to preserve cocoa producer prices through borrowing.
Following a brief ceremony on February 20 in Amsterdam, Netherlands, to introduce three notable Ghanaian cocoa producers awarded at the 2025 Cacao of Excellence Awards, he addressed the media.
Dr. Abbey clarified that attempts to prevent lowering producer prices in the past resulted in the issuance of cocoa bills, which continue to have an effect on the sector.
He says that adjacent Côte d’Ivoire lowered its producer price by roughly 40% during the 2017 global cocoa price collapse. Ghana, on the other hand, raised money by printing COCOBOD banknotes in order to maintain its rates.
Both domestic and foreign investors subscribed to the bills, but there was a cost associated with maintaining them, according to Dr. Abbey.
“For three years, there was no increase in cocoa producer prices. The interest payments on these bills were effectively borne by farmers,” he stated.
He continued by saying that things got worse in 2022 when the government and COCOBOD were unable to pay the bills’ principle and interest, which resulted in their inclusion in Ghana’s domestic debt restructuring program.
“As a result, the bills were restructured and investors who held them suffered haircuts,” Dr. Abbey stated.
The CEO of COCOBOD also said that as a direct result of the 2017 borrowing decision, the nation must now service over GH¢2.6 billion a year.
“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 clarified.
Dr. Abbey underlined that during times of market turbulence, borrowing to maintain producer pricing carries long-term dangers.
“Those decisions were taken nine years ago, and today we are still dealing with the consequences,” he stated.
An international initiative by CIAT and the Alliance of Bioversity International, the Cacao of Excellence Programme aims to find, assess, identify, and promote cocoa beans of exceptional quality from all over the world.
The program evaluates cocoa beans based on taste complexity and overall quality by bringing together prominent sensory experts and major companies in the global chocolate business. It also honours the commitment and diligence of cocoa growers.
The 2025 event’s Ghanaian award winners 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)
Source: newsthemegh.com