The Ghana Cocoa Board (COCOBOD) headquarters
The Ghana Cocoa Board (COCOBOD) is investigating how a $263 million loan, meant for cocoa farm rehabilitation, was used under previous management.
The new Chief Executive Officer of COCOBOD, Dr Randy Abbey, expressed concern that the funds were intended to rehabilitate 156,000 hectares of cocoa farms damaged by disease. However, only 40,000 hectares were reportedly rehabilitated.
Speaking at a meeting with cocoa farmers in Nkawie, in the Ashanti Region, Dr Abbey said that if the full 156,000 hectares had been restored, it could have added around 200,000 tonnes to Ghana’s cocoa production.
“We took all this money, and all we have to show is just 40,000 hectares completed,” he said, expressing disappointment.
According to him, about 40% of cocoa farms had been affected by disease, prompting COCOBOD to launch the rehabilitation programme.
While the new management supports the initiative, it is questioning how the project was executed.
Dr Abbey revealed that an additional GH¢700 million was also spent on the same project.
He said the matter has now been referred to the appropriate authorities for investigation.
“It was a golden opportunity to improve the cocoa sector, and it’s sad to see it wasted,” he added.
To help improve cocoa production, COCOBOD is currently working to rehabilitate another 21,000 hectares of farms.
Dr. Abbey affirmed his commitment to completing this effort and returning the affected farms to Ghana’s productive cocoa stock.
He also disclosed that, upon assuming office, the new administration discovered road contracts worth GH¢21 billion had been signed, along with GH¢4.4 billion in debts.
COCOBOD says it will continue efforts to boost cocoa production and ensure the proper use of funds in future projects.