The Ghana Cocoa Board (COCOBOD) says it still has about 98,000 metric tonnes of cocoa to deliver under rollover contracts as government-led negotiations continue to address challenges stemming from past shortfalls.
The update was provided by COCOBOD Chief Executive, Dr. Randy Abbey, during a media engagement, where he noted that consultations with the Ministry of Finance and other stakeholders are ongoing.
“Roll over, we have about 98,000 tonnes to go. COCOBOD, the Ministry of Finance, and the Government are in discussions to find a solution to these issues, and we will communicate that very soon,” Dr. Abbey said.
Dr. Abbey explained that the rollover obligations are a direct consequence of COCOBOD’s inability to meet delivery commitments in the 2023/2024 cocoa season. He revealed that the Board fell short by 333,767 metric tonnes despite having signed contracts priced at $2,600 per tonne.
The shortfall, he said, has had “far-reaching implications” for the sector, especially in a year when global cocoa prices surged to historic highs.
Dr. Abbey dismissed claims that COCOBOD had defaulted on its syndicated loan repayments. The financial strain, he stressed, related solely to cocoa supply contracts—not the annual syndicated facility.
“I have never said anywhere that COCOBOD defaulted in paying syndicated loans. What I have said is that COCOBOD defaulted in servicing contracts it signed,” he emphasized.
According to him, the Board’s failure to deliver contracted volumes meant Ghana could not fully benefit when global cocoa prices climbed to $10,000–$12,000 per tonne, because high-priced beans had to be used to service older contracts fixed at $2,600 per tonne.
“Apart from not benefiting, we were incurring debts,” Dr. Abbey added, describing the lingering financial impact of the 2023/2024 shortfall.
COCOBOD says it expects to announce decisions on the rollover contracts once ongoing discussions with government conclude.
