COCOBOD investigates the allocation of $263 million in cocoa rehabilitation loans.

Dr. Randy Abbey, CEO of COCOBOD, has expressed concerns about the usage of loans obtained for the restoration of diseased cocoa fields.

The repair of 156,000 hectares of cocoa fields was funded by a 263 million dollar loan.

However, when COCOBOD took over, just 40,000 hectares had been finished.

“If we had successfully done this 156000 hectares, it would have contributed up to 200000 tonnes to our production; we took all this money, and all we have to show is just 40000 hectares completed,” he said.
In the Ashanti Region, Dr. Abbey addressed farmers during a meeting at Nkawie.

The CEO of COCOBOD claims that the decision to undertake rehabilitation was made because illnesses had infested around 40% of cocoa crops.

The COCOBOD’s managers at the time were prompted to restore the farms as a result, which the new managers praised.

GHS700 million extra was invested in the project, according to Dr. Randy Abbey.
He claims that since then, the issue has been forwarded to the proper authorities for examination.

“These things are the responsibility of certain agencies. I am disappointed by what has transpired since there was a great chance to improve the sector,” he remarked.

The company’s goal is to restore 21,000 hectares of land in order to boost the nation’s cocoa production.

The CEO is dedicated to making sure it succeeds.

“We have left some in the bush, and that is what I am trying to go and work on them and be able to hand them over so we can add them to the productive stock of farms we have,” he stated.

The COCOBOD claims that the new administration took office with GHS 4.4 billion in outstanding debts and GHS 21 billion in signed road contracts.