Dr. Randy Abbey Unveils Shocking $48M Mismanagement at COCOBOD
Dr. Randy Abbey, the acting CEO of Ghana’s Cocoa Board (COCOBOD), dropped a bombshell during an Ark FM interview. He revealed that in December 2024, COCOBOD management ordered 80,000 bales of jute sacks worth $48 million, despite having 75,993 unused bales in stock and over 110,000 more sitting uncleared at the port. This disclosure has reignited concerns about financial mismanagement in Ghana’s cocoa industry.
The revelation comes against a backdrop of longstanding issues at COCOBOD. Historical reports, like a 2018 case where a driver stole $80,000 worth of jute sacks, point to persistent problems with inventory control and accountability. Dr. Abbey’s findings suggest these challenges remain unresolved, further eroding trust in the institution once seen as the backbone of Ghana’s economy.
Ghanaians, frustrated by repeated tales of corruption, are demanding accountability. Some called for arrests, reflecting a broader sentiment that such financial losses compounded by political interference hinder the nation’s progress. The sentiment echoes past critiques, such as a 2017 World Bank report highlighting how mismanagement dents cocoa production and farmers’ livelihoods.
“Management of COCOBOD ordered for the supply of 80,000 bales of jute sacks to the tune of $48 Million in December 2024, despite having 75,993 unused bales in stock and an additional over 110,000 uncleared bales at the port.”
— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) April 30, 2025
-COCOBOD CEO DR. Randy Abbey reveals shocking details… pic.twitter.com/JSwYbeQSc0
Dr. Abbey’s disclosure adds to COCOBOD’s troubled financial narrative. In 2022, the organization’s woes led to a GH¢4.71 billion loss for the Bank of Ghana due to restructuring efforts. As Ghanaians await action, this scandal underscores the urgent need for reforms to restore COCOBOD’s integrity and protect the cocoa sector’s future.