By Valentia Tetteh
The Majority Caucus in Parliament has raised concerns about the financial condition of the Ghana Cocoa Board (COCOBOD), warning that the institution requires significant working capital to remain operational.
Speaking at a press conference in Parliament on Thursday, February 19, 2026, the Chairman of Parliament’s Finance Committee and Member of Parliament for Bolgatanga Central, Isaac Adongo, said the government inherited serious financial challenges within the cocoa sector and is taking steps to stabilise the institution.
According to Mr Adongo, the government has a responsibility to inform the public about the conditions it encountered upon assuming office.
“We have been given the mandate to fix the problem. But fixing the problem doesn’t mean that you shouldn’t tell the people the problem you came to meet,” he stated.
He explained that the government’s pledge to cocoa farmers was based on maintaining a percentage threshold rather than a fixed producer price, arguing that current decisions are in line with those commitments.
Mr Adongo further alleged that COCOBOD had been left in a difficult financial position, saying the current administration is implementing measures aimed at restoring stability and improving the board’s performance.
“We realised that COCOBOD was on the verge of collapse, and we are taking decisive steps to rescue it, strengthen it and ensure that it performs as expected,” he said.
The Finance Committee chairman also defended the Chief Executive of COCOBOD, Randy Abbey, describing him as the right person to lead ongoing reforms at the institution.
“Randy Abbey is the man for the job… the loans that he has paid alone in just one year are in excess of 10 billion cedis,” Mr Adongo said.
He added that the government remains committed to carrying out reforms aimed at strengthening the cocoa sector and ensuring long-term sustainability.
The remarks come amid growing political debate over recent adjustments to cocoa producer prices and the broader financial outlook of the cocoa industry.
