The Ghana Cocoa Board (COCOBOD) has disclosed that about 98,000 metric tonnes of cocoa remain to be serviced under rollover contracts, as discussions continue to resolve issues stemming from past delivery shortfalls.

The revelation was made by COCOBOD Chief Executive Officer, Dr. Randy Abbey, during a media engagement.

“Roll over, we have about 98,000 to go, 98,000 tonnes to go. COCOBOD, the Ministry of Finance, and the Government are in discussions to find solutions to these issues, and we will communicate the outcomes very soon,” Dr. Abbey said.

He explained that the rollover situation largely resulted from COCOBOD’s inability to meet contract obligations during the 2023/2024 cocoa season.

According to Dr. Abbey, the Board failed to deliver 333,767 metric tonnes of cocoa, despite having signed contracts at a price of $2,600 per tonne, a decision that continues to have far-reaching consequences for the cocoa sector.

Dr. Abbey also clarified claims suggesting COCOBOD had defaulted on syndicated loan repayments, emphasizing that the issue is strictly related to cocoa delivery contracts.

“I have never said anywhere that COCOBOD defaulted on syndicated loans. What I have consistently said is that COCOBOD defaulted on fulfilling contracts it had signed — 333,767 tonnes at $2,600 per tonne in 2023/2024. That is what I have said repeatedly,” he explained.

He added that the contract defaults prevented both Ghanaian cocoa farmers and COCOBOD from benefiting from the subsequent rise in global cocoa prices, which reached $10,000 to $12,000 per tonne. “Instead of benefiting from the high prices, we were using this cocoa to service the $2,600 contracts, which also led to increased debts,” Dr. Abbey said.

The CEO assured stakeholders that discussions are ongoing with the government and the Ministry of Finance to resolve the rollover issue and provide clarity to the cocoa sector.