Accra: A resurfaced video of Dr Randy Abbey and former Bortianor-Ngleshie Amanfrom MP Sylvester Tetteh debating cocoa sector issues on Metro TV's flagship program, Good Morning Ghana, in 2024 under the former NPP government has gained renewed attention online. This is coming amid calls by the Minority in Parliament for Dr Abbey's dismissal as Chief Executive Officer of the Ghana Cocoa Board.
According to Ghana Web, in the 21-minute-long video clip, recorded before Abbey's appointment as COCOBOD CEO, he questioned the board's decision to abandon its longstanding syndicated loan arrangement with foreign banks after initially issuing a request for proposals for a $1.5 billion facility. Abbey raised concerns about transparency, asking why COCOBOD would seek syndicated financing in June 2024 then announce in August 2024 that it would instead raise funds locally, claiming it would save $150 million. He pressed for clarity on the alternative financing strategy and demanded details on how the projected savings were calculated.
Dr Abbey criticized the shift in strategy, questioning the rationale behind abandoning the traditional loan approach after 32 years and opting for local financing. He called for full disclosure from COCOBOD as a state institution. Meanwhile, Sylvester Tetteh, then a panelist on the show, defended the decision, describing criticisms from the Minority as politically-motivated. Tetteh argued that sourcing funds locally could reduce exchange rate risks and potentially secure better terms. He also rejected claims that COCOBOD had recorded consistent losses over eight years, citing the board's 2022/2023 audited accounts by Ernst and Young, which he said showed a profit of approximately 230 million.
Dr Randy Abbey, however, challenged aspects of that defense, questioning production forecasts and pointing out discrepancies between projected and actual yields. He noted that COCOBOD had forecasted 800,000 metric tons for 2023, raising doubts about the measures taken by COCOBOD and their impact on yield. Tetteh attributed production declines to factors including cocoa farm rehabilitation efforts, Cocoa Swollen Shoot Virus Disease (CSSVD), and illegal mining activities in cocoa-growing areas.