COCOBOD Bill to be presented in Parliament – Randy Abbey

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, has announced that the long-awaited COCOBOD Bill will be laid before Parliament next week.

Speaking on TV3’s Key Points on Saturday, February 7, 2026, Dr Abbey explained that the bill seeks to review cocoa prices to make them more competitive on the global market.

“Hopefully, by next week, the COCOBOD Bill will go to Parliament. We need to review our prices to make them competitive,” he said.

The bill comes at a time when COCOBOD has been at the centre of heated public debate over its financial management. In recent years, the institution has struggled under massive debts, which ballooned to over GH¢32 billion by early 2025.

News recently broke that COCOBOD released more than GH¢620 million in February 2026 to Licensed Buying Companies (LBCs) to settle outstanding payments and enable them to pay cocoa farmers for their produce.

Head of Corporate Communications, Jerome Kwaku Sam, explained that the delays in payments were not due to COCOBOD’s failure but rather to changes in financing arrangements and challenges in accessing syndicated funding.

According to him, the board had to rely on international buyers to finance cocoa purchases, with conditions requiring LBCs to pre-finance farmer payments before being reimbursed.

Sam noted that COCOBOD is working on a new financing model under the current administration to ensure more sustainable funding and prevent future delays.

The Burden on LBCs

In recent months, LBCs have been compelled to pre-finance cocoa purchases using high-interest loans from commercial banks, with the Ghana Reference Rate standing at 29.8%.

This left them bearing heavy costs, as COCOBOD’s first payment for cocoa delivered to ports in the 2023/2024 season did not arrive until January 26, 2024, six months late.

For the ongoing 2025/2026 season, which opened in August, the funding formula has been revised to an 80/20 model.

Under this arrangement, LBCs receive 80% upfront to cover farmer payments and handling costs, while the remaining 20% is settled upon delivery to COCOBOD.

SA/EB

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