Dr Randy Abbey is the CEO of COCOBOD
The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, has responded to calls by the Minority Caucus in Parliament, demanding his removal as CEO, citing recent reforms in the cocoa sector.
According to a citinewsroom.com report on February 12, 2026, Dr Abbey said the challenges currently facing the industry are the result of decisions taken by the previous administration.
The Minority contends that the ongoing reforms, including the reduction of the cocoa producer price will shortchange farmers and worsen their plight.
They have therefore demanded that Dr Abbey be removed from office.
However, responding to the claims in an interview on Thursday, February 12, 2026, Dr Abbey explained that the current funding model for cocoa purchases was not introduced by his administration but inherited from the previous government.
ack COCOBOD CEO Randy Abbey – Minority barks
“The model that we are using today is not a model that I created. It is a model that we inherited, which was used in the 2024/2025 season,” he said.
Dr Randy Abbey clarified that the long-standing syndicated loan model, which had financed cocoa purchases for 32 years, collapsed during the 2023/2024 season under the previous government.
He also added that upon assuming office, his team reviewed the inherited system and concluded it was unsustainable.
“For the first time in the history of the loan, the first tranche hit the COCOBOD account on December 22. COCOBOD had defaulted on its loans and, under the DDEP, asked for the deferment of the debt and a haircut, among others. That is how the syndicated loan collapsed…
“We came in and we realised that this model was not sustainable. We therefore needed a new model, and that is what we were working towards,” he said.
What some cocoa farmers said about government’s new reforms
VKB/VPO
