Ghana’s cocoa is too expensive – Randy Abbey CEO Cocobod

The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Randy Abbey, has disclosed that international buyers are increasingly turning away from Ghanaian cocoa due to its high price, opting instead to purchase from other cocoa-producing countries where the crop is cheaper.

According to Dr. Abbey, this development has disrupted Ghana’s traditional cocoa financing model and contributed to delays in payments to farmers for cocoa beans already sold.

Speaking on TV3’s New Day programme, the COCOBOD CEO explained that Ghana’s cocoa pricing has become less competitive compared to neighbouring markets, making it difficult to attract and retain buyers.

“Currently, the buyers find our cocoa too expensive as compared to how much it’s being sold in other jurisdictions. The buyers are switching to places where the crop is far, far cheaper than Ghana’s cocoa,” he said.

Dr. Abbey attributed the challenge to the collapse of the long-standing syndicated loan model, which historically financed cocoa purchases in Ghana. He explained that the disruption of this model has created a situation where buyers can source cheaper cocoa elsewhere, while Ghana is compelled to supply cocoa under older contracts agreed at lower prices, thereby creating financial pressure for COCOBOD.

He revealed that the existing financing structure may not extend beyond the 2025–2026 cocoa season, with a new financing model currently being developed in collaboration with the Minister of Finance for implementation in the 2026–2027 season.

“We do not see this financing model going beyond 2025–26, and for 2026–27 we have a new financing model in the works with the Minister of Finance,” Dr. Abbey stated.

The COCOBOD CEO expressed optimism that the new approach will provide a more sustainable framework for the cocoa sector, ensuring timely payments to farmers while restoring Ghana’s competitiveness on the international cocoa market.