The CEO of COCOBOD, Dr. Randy Abbey, has expressed serious concern over the disbursement and outcome of a $263 million loan secured to rehabilitate cocoa farms ravaged by disease.
The loan was intended to restore 156,000 hectares of affected farms. However, Dr. Abbey revealed that only 40,000 hectares had been rehabilitated when the current administration took over.
“If we had successfully done the 156,000 hectares, it would have added up to 200,000 tonnes to our production,” he lamented during a meeting with farmers in Nkawie, Ashanti Region. “We took all this money, and all we have to show is just 40,000 hectares completed.”
The rehabilitation initiative was prompted by disease infestation on about 40% of cocoa farms nationwide. While the move was originally welcomed, Dr. Abbey disclosed that an additional GHS700 million was later invested in the project, raising even more concerns.
The matter has now been referred to investigative bodies. “There are agencies responsible for investigating these things,” he said. “It saddens me because this was a golden opportunity to turn things around in the cocoa sector.”
To boost production, COCOBOD plans to rehabilitate 21,000 hectares more. Dr. Abbey pledged his commitment to completing the job. “We’ve left some in the bush, and that’s what I’m working on so we can add them to our productive stock of farms.”
He also disclosed that the new administration inherited road contracts worth GHS21 billion and existing debts of GHS4.4 billion.
