$12 Million Monthly Compensation for Over 10,000 Staff: Randy Abbey reveals plan to cut costs at COCOBOD

The move comes as part of broader reforms to restore financial discipline and operational efficiency in Ghana’s cocoa sector, which is grappling with a GH₵33 billion debt.

Speaking on TV3’s Hot Issues on Sunday, May 25, 2025, Dr Abbey disclosed that COCOBOD employs over 10,000 staff, with monthly compensation costs amounting to approximately US$12 million.

“COCOBOD has over 10,000 people on its payroll, and our staff cost is $12 million USD each month,” he stated.

To ensure accountability, he revealed plans for a staff audit, adding, “We are going to do a staff audit to ascertain whether we are all human beings,” raising concerns about possible ghost names on the payroll.

When questioned about the sustainability of COCOBOD’s financial model, Dr Abbey emphasised that fiscal discipline and waste reduction are critical to turning the organisation around.

“Once there is discipline and we cut down waste, we should be fine. It’s gross mismanagement that puts COCOBOD in a terrible financial situation,” he said.

He attributed the organisation’s financial challenges to procurement mismanagement and the failure of previous leadership to implement a financial turnaround strategy.

Dr Abbey also noted that the recent appreciation of the Ghana cedi would help alleviate COCOBOD’s external debt burden.

Additionally, he disclosed ongoing efforts to address operational inefficiencies, including an audit of stockpiled jute sacks and collaboration with the National Investigations Bureau (NIB) to locate 200 missing containers of cocoa-related supplies.

These measures, Dr. Abbey stressed, are aimed at restoring accountability, rebuilding public confidence, and improving efficiency within Ghana’s cocoa sector, a vital contributor to the country’s economy.