The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr. Ransford Annetey Abbey, has announced an upcoming comprehensive payroll audit to address longstanding inefficiencies, suspicions of ghost names, and growing financial pressure within the state agency.
Speaking during an interview on TV3’s Hot Issues on Sunday, May 25, 2025, Dr. Abbey disclosed that COCOBOD’s monthly wage bill currently stands at a staggering $12 million USD, supporting a workforce of over 10,000 people.
“COCOBOD has over 10,000 people on its payroll, and our staff costs is $12 million USD each month,” he revealed.
“We are going to do a staff audit to ascertain whether we are all human beings,” Dr. Abbey added, candidly expressing concerns about possible payroll irregularities.
Cracking Down on Waste and Mismanagement
The payroll audit forms part of broader reforms being initiated under Dr. Abbey’s leadership to restore fiscal discipline and accountability within COCOBOD. According to him, mismanagement and unchecked expenditures are largely to blame for the organization’s current challenges.
“It’s gross mismanagement that puts COCOBOD in a terrible financial situation,” he stated.
“Once there is discipline and we cut down waste, we should be fine.”
Dr. Abbey emphasized that the agency’s turnaround would require not just audits, but a firm commitment to responsible procurement and budgetary control.
COCOBOD’s Deepening Financial Crisis
COCOBOD is currently saddled with a debt burden of over GHC33 billion, a situation compounded by allegations of missing agrochemical containers, procurement mismanagement, and a bloated payroll.
Just recently, the CEO revealed that 200 containers of cocoa jute sacks and agrochemicals were unaccounted for, prompting investigations in collaboration with the National Investigations Bureau (NIB).
Related: COCOBOD CEO Randy Abbey reveals 200 containers of cocoa jute sacks and agrochemicals missing
Related: COCOBOD is insolvent, saddled with GHC33 billion debt – CEO Ransford Abbey
Hope for Recovery: Discipline, Currency Stability, and Accountability
Dr. Abbey expressed hope that appreciation of the Ghanaian cedi would help ease the external debt pressure, and that systemic reforms—such as the staff audit and inventory reviews—would help place COCOBOD on a path to financial stability.
“Once we introduce discipline and reduce waste, we can start turning things around,” he emphasized.
Conclusion
As Ghana’s cocoa sector grapples with internal inefficiencies and external market pressures, the leadership of COCOBOD is under mounting pressure to reform. Dr. Abbey’s bold announcement of a payroll audit is a significant step toward restoring transparency, efficiency, and stakeholder trust in the operations of one of Ghana’s most important institutions.
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