Dr. Randy Abbey, the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has disclosed that the previous management failed to implement a cost-saving strategy that could have significantly reduced the organization's debt. In 2023, COCOBOD had a plan to rationalize cocoa road projects, aiming to cut its debt from GH¢21 billion to GH¢6.6 billion. However, this plan was stalled for two years due to an outstanding payment of GH¢50 million owed to the Departments of Feeder Roads and Highways, which was necessary to carry out essential field verification.
Speaking on TV3's "Hot Issues" on May 25, Dr. Abbey expressed his frustration over the delay, noting that the required fieldwork was completed within three weeks once the payment was made. He emphasized that the failure to allocate GH¢50 million for the verification process resulted in a missed opportunity to alleviate GH¢15 billion from COCOBOD's financial obligations.
Dr. Abbey further explained that upon assuming office, he prioritized the completion of this verification exercise by collaborating with the Ministry of Roads. The joint team successfully finalized the assessment, and a comprehensive report was presented to him recently. He criticized the previous management's inaction, stating that the delay in executing such a crucial process was unacceptable, especially given the significant potential savings for the organization.`
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