Former NPP DCE Accuses COCOBOD CEO of Misleading Public

A former District Chief Executive (DCE) for Asunafo South, Frank Aduse Poku, has publicly accused the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Dr Randy Abbey, of misleading the public over the status of the 2023/2024 cocoa syndicated loan.

In a statement released on Monday, Mr Aduse Poku claimed that contrary to recent assertions attributed to the COCOBOD CEO, the syndicated loan for the 2023/2024 cocoa season has been fully settled.

To support his claim, the former DCE cited a document from Standard Chartered Bank, the Facility Agent for the syndicated loan. According to him, the document is signed by Mr Valdeep Singh, Director of the Transaction Management Group, and confirms the full repayment of the loan.

Mr Aduse Poku stated that the document is an official confirmation from Standard Chartered Bank that the 2023/2024 cocoa syndicated loan has been fully paid. He expressed concern that the CEO of COCOBOD is making inaccurate statements by suggesting otherwise.

The former DCE questioned the advice being given to Dr Abbey, warning that inaccurate public communication on such a sensitive matter could damage confidence in COCOBOD and Ghana’s cocoa sector.

He stated that running a critical national institution like COCOBOD is not the same as managing affairs on television programmes, adding that he does not know who is advising Randy Abbey.

Mr Aduse Poku further cautioned that what he described as misinformation from the leadership of COCOBOD would be met with firm responses. He stated that he would respond to every falsehood that comes from the quarters of the Randy Abbey-led COCOBOD.

The former DCE also used the opportunity to call for the immediate payment of cocoa farmers, stressing that delays in payments cannot be justified if the syndicated loan obligations have already been met. He demanded that cocoa farmers be paid now, stating that they have suffered enough.

The allegations come amid ongoing public debate over COCOBOD’s financial challenges and payment delays to cocoa farmers. Earlier in February 2026, Dr Abbey addressed a media briefing where he apologised to cocoa farmers over payment delays, explaining that COCOBOD is experiencing liquidity challenges stemming from the collapse of the long-standing syndicated loan agreement.

A document from Standard Chartered Bank dated September 13, 2024, has emerged in media reports confirming that the 800 million United States dollars receivables-backed trade finance facility agreement for the 2023/2024 season was terminated on August 30, 2024, following full repayment.

Former COCOBOD Public Affairs Manager Fiifi Boafo has also challenged claims of default on the 2023/24 syndicated loan, citing the bank’s discharge letter as evidence of full settlement.

COCOBOD has not yet publicly responded to the specific claims surrounding the discharge letter or Mr Aduse Poku’s accusations.

The syndicated loan has historically been a critical financing mechanism for COCOBOD, allowing the institution to purchase cocoa from farmers through Licensed Buying Companies (LBCs) and fund operations.

Frank Aduse Poku served as DCE for Asunafo South under the previous New Patriotic Party (NPP) administration and was the party’s parliamentary candidate for the constituency in the 2024 elections.