Could be a component failure on the speech board, but I would be pretty surprised to see two boards with the exact same component failure. My initial thought would be something else.
I have had a similar issue, with sound working fine but no speech, that did turn out to be a faulty IC on the speech board. The path the sound takes on the speech board is pretty simple, in on pin 3 of the ribbon cable, then the only components involved in mixing it and sending it back out looks like R8 (the pot), R12, R15, R16.