Ghana’s cocoa industry is reeling from the effects of a controversial cocoa sale concealed by COCOBOD’s former management, as newly disclosed information suggests the move may have sabotaged the country’s pricing power on the global market.
Dr. Randy Abbey, the current Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has revealed that a bulk sale of 333,766 tonnes of cocoa at a fixed price of $2,600 per tonne—kept hidden from stakeholders and market observers—had a significant negative impact on the pricing strategy for the ongoing 2024/2025 season.
Speaking in an interview with Joy FM, Dr. Abbey described the sale as a serious breach of transparency, adding that the decision has led to market distortions and weakened Ghana’s negotiating leverage at a time when cocoa prices are surging internationally.
“This wasn’t just poor planning. It was a deliberate concealment that compromised our ability to adjust to global price movements,” Dr. Abbey said. “In 2023/2024, COCOBOD signed contracts it simply couldn’t honour.”
Industry analysts say the implications are far-reaching. At a time when global cocoa prices have hit historic highs, Ghana, the world’s second-largest cocoa producer, finds itself locked into underpriced legacy contracts, missing out on the financial windfall that could have supported farmers and stabilised the local market.
Dr. Abbey’s disclosure has reignited demands for a comprehensive audit of COCOBOD’s operations, with cocoa farmers’ groups, civil society organisations, and some Members of Parliament calling for institutional reforms to prevent future mismanagement.
“What’s unfolding is not just a financial issue—it’s a governance failure,” said one cocoa sector stakeholder. “We need stronger checks, real-time transparency, and oversight mechanisms that hold COCOBOD leadership accountable, regardless of who is in charge.”
The controversy comes at a time when cocoa-growing communities are grappling with rising production costs, climate-related threats, and stagnant farmgate prices. The failure to capitalise on favourable global prices could deepen rural poverty and fuel mistrust in the institutions meant to serve Ghana’s cocoa farmers.
With public confidence shaken, the pressure is now on Dr. Abbey and the current COCOBOD leadership to restore credibility, reform internal systems, and ensure that future cocoa trade decisions are driven by transparency, accountability, and the best interests of Ghanaian farmers.
