$12Million Monthly For 10,000 Staffs: COCOBOD CEO Dr. Randy Abbey Unveils Cost-Cutting Measures
Payroll audit and operational reforms aim to address $12 million monthly wage bill and $400 million debt
Dr. Randy Abbey, the newly appointed Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), has announced a series of cost-cutting measures to address the organization’s significant financial challenges. COCOBOD currently spends approximately $12 million monthly on salaries for over 10,000 staff members, a figure Dr. Abbey deems unsustainable.
In an interview, Dr. Abbey emphasized the need for a comprehensive payroll audit to ensure accountability and verify the legitimacy of all staff positions. He stated, “We are going to do a staff audit to ascertain whether we are all human beings working at COCOBOD.”
Beyond the wage bill, COCOBOD is grappling with substantial debts, including a $400 million obligation to agrochemical suppliers. Dr. Abbey revealed that some of these debts date back several years and have contributed to the organization’s near-insolvency, with total liabilities amounting to approximately GHC33 billion.
To address these issues, Dr. Abbey outlined plans for operational reforms aimed at enhancing efficiency and financial discipline within COCOBOD. These measures are expected to streamline operations, reduce unnecessary expenditures, and restore the organization’s financial health.
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