COCOBOD CEO must be investigated vigorously for consistent losses — Kojo Bonsu

In an X post on Tuesday, August 29, 2023, Bonsu described the losses as "intriguing" for an organization like COCOBOD under the leadership of Joseph Boahen Aidoo.

He said the CEO must be probed to uncover the rot under his leadership.

He said It's quite intriguing why an institution like COCOBOD is said to have run into a serious financial crisis, heading to a complete defunct. The CEO must therefore be investigated vigorously to bring the entire nation up to speed with the happenings at COCOBOD.

COCOBOD has consistently made no profits since 2016. COCOBOD recorded a loss of more than GH¢426.31 million in the 2019/2020 crop year.

In the 2018/19 crop year, COCOBOD recorded a loss of GH¢320.56 million.

Meanwhile, the Bank of Ghana (BoG), has blamed the GH¢60 billion loss incurred on the government's Domestic Debt Exchange Programme (DDEP), and COCOBOD loans.

This loss stands in stark contrast to the profit of GH¢1.23 billion the bank achieved in the previous year (2021).

However, the Auditor-General, Johnson Akuamoah Asiedu, has raised concerns about the Ghana Cocoa Board’s (COCOBOD) increasing debt burden – which stood at approximately GH¢12.30 billion as of September 2020.

The debt accumulation emanates from short-term cocoa loans of about GH¢8.49 billion; a BoG 10-year loan of almost GH¢1.4 billion; a medium-term loan in a total of GH¢1.28 billion; as well as an AfDB loan of GH¢1.14 billion and BADEA Loan Account of GH¢174,295.