Joseph Boahen-Aidoo – Former CEO of COCOBOD
It is untrue that the erstwhile New Patriotic Party (NPP) government is responsible for the financial crisis facing Ghana Cocoa Board (COCOBOD), a document stumbled upon by DAILY GUIDE has showed.
In the face of the financial crisis occasioned by COCOBOD unable to meet its financial obligations to cocoa farmers, the CEO, Dr. Randy Abbey, has reportedly put the blame on a so-called debt inherited from his predecessors when it accessed a syndicated loan to pay for cocoa purchases.
The document, dated September 13, 2024, headed, ‘All Approved Purchases Under The Facility’ and originating from Standard Chartered Bank, shows that the syndicated loan which the COCOBOD CEO persistently puts forth as responsible for the crisis was fully paid. The correspondence originating from the transaction agent reads as follows:
“This is to advise you that the Facility Agreement terminated on the 30/08/24 due to a full repayment. We confirm that all amounts outstanding under the Facility Agreement and the other Documents (as such term is defined in the Facility Agreement) have been paid and discharged in full and accordingly the Security Period (as such term is defined in the Facility Agreement) has expired.
“We would also like to take this opportunity to confirm that all fees have been paid, therefore no other outstanding payments are due. All un-serviced 2023/2024 contracts that were assigned to the Facility Agent are hereby released to Cocoa Marketing Company (Ghana) Limited.”
Earlier reports preceding the foregone and emanating from the current leaders of COCOBOD indicate that “by the end of 2024, COCOBOD recorded a negative equity position of about GH¢3.8 billion, meaning its liabilities exceeded its assets for the first time in its 79-year history.”
The disputed report has it that the NPP failed to supply 333,768 metric tonnes of cocoa despite receiving the syndicated loan.
The Minority in Parliament, in the face of the unpaid monies due farmers, has raised alarms over an outstanding GH¢10 billion debt owed to Licensed Buying Companies (LBCs), which has prevented payment to cocoa farmers since November 2025.