Business

Randy Abbey announces senior staff pay cuts at COCOBOD

COCOBOD Chief Executive Dr. Randy Abbey has announced salary cuts for management and senior staff amid mounting pressure over the cocoa sector crisis.

The decision was contained in a February 16 press release issued by the Ghana Cocoa Board chief, indicating immediate effect.

According to the statement, Executive Management has taken a 20 per cent salary cut, while Senior Staff have accepted a 10 per cent reduction for the remainder of the 2025/26 crop season.

“The Executive Management and the Senior Staff of COCOBOD have, effective today, reduced their salaries in recognition of the current liquidity challenges in the cocoa industry,” the statement said.

It added that the move, together with procurement cost reductions and a staff rationalisation exercise, is aimed at “reducing the overall expenditure of COCOBOD and aligning cost with revenue.”

The announcement comes days after the Minority in Parliament demanded Dr. Abbey’s removal, citing what it described as a deepening crisis in the cocoa sector.

At a press briefing on February 12, Kojo Oppong Nkrumah, Ranking Member on Parliament’s Economy and Development Committee, urged President John Dramani Mahama to dismiss the COCOBOD CEO over policy inconsistencies and farmer hardship.

“This places an unfair burden on our cocoa farmers, who are already struggling with rising costs. The Minority will not remain silent on this matter,” Mr. Oppong Nkrumah said, warning of support for possible farmer protests.

The criticism followed government’s decision to reduce the producer price to GH¢41,392 per tonne, equivalent to GH¢2,587 per bag, effective February 12 for the rest of the 2025/2026 season. The new rate replaced the GH¢51,660 per tonne set in August 2025.

Finance Minister Cassiel Ato Forson has defended the adjustment as necessary to stabilise the industry and ensure prompt farmer payments.

The Minority, however, maintains that leadership changes are needed at COCOBOD to restore confidence, as debate over the sector’s direction continues.