COCOBOD’s executive management and senior staff are taking a pay cut to help address the cocoa industry’s financial struggles. The executive management, led by CEO Dr. Randy Abbey, will take a 20% salary reduction, while senior staff will take a 10% cut, effective immediately for the remainder of the 2025/26 crop year.
This move is part of broader cost-cutting measures, including procurement reforms and staff rationalization, aimed at reducing COCOBOD’s expenditure and aligning costs with revenue. The decision comes amid liquidity challenges, including unpaid arrears to farmers and reduced cocoa prices.
The Ghana Cocoa Board is facing significant financial pressures, with a massive debt burden and unsold cocoa stocks. The salary cuts are seen as a step towards restoring COCOBOD’s creditworthiness and preparing for a future without foreign syndicated loans.
