The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Randy Abbey, has stated that decisions taken years ago to maintain cocoa producer prices through borrowing continue to weigh heavily on the sector.

According to a citinewsroom.com report on March 19, 2026, Abbey indicated that the decision to issue cocoa bills to salvage cocoa prices in the past has left a lingering impact on the industry.

According to him, when global cocoa prices fell sharply in 2017, neighbouring Côte d’Ivoire reduced its producer price by about 40 percent.

Ghana, however, maintained its prices by issuing COCOBOD bills to raise funds.

Abbey noted that both local and foreign investors subscribed to the bills, but the cost of servicing them came at a price.

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“For three years, there was no increase in cocoa producer prices. The interest payments on these bills were effectively borne by farmers,” he said.

He added that the situation worsened in 2022 when COCOBOD and the government were unable to service both the principal and interest on the bills, leading to their inclusion in Ghana’s domestic debt restructuring programme.

“As a result, the bills were restructured and investors who held them suffered haircuts,” Abbey stated.

He further disclosed that the country is now required to service approximately GH¢2.6 billion annually as a direct consequence of the 2017 borrowing decision.

“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 explained.

Abbey noted that the situation highlights the long-term risks associated with borrowing to sustain producer prices during periods of market volatility.

“Those decisions were taken nine years ago, and today we are still dealing with the consequences,” he said.

SO/VPO

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