A Presidential Staffer in the John Mahama Administration, Beatrice Feehi Annangfio, Esq., has offered her thoughts on the current situation of Ghana’s cocoa regulating agency, the Ghana Cocoa Board (COCOBOD).
The lawyer claims that COCOBOD, which was formerly profitable and highly appreciated, was mismanaged by the NPP (New Patriotic Party) government, which resulted in its current financial difficulties or insolvency.
Beatrice Annan—a member of the communications team for the National Democratic Congress (NDC), recently made a comment on X regarding the matter and wrote,
“How the NPP mismanaged a once profitable and most priced asset like Cocobod leaving same in its current bankrupt state is unbelievable!”
This is shameful.
Once a pillar of Ghana’s economy and an essential organization for cocoa growers, COCOBOD has faced severe financial challenges. According to reports, the organization has GH¢11.92 billion in debt that is due in 2025, out of a total debt of about GH¢32.5 billion.
COCOBOD’s financial difficulties have been caused by a number of issues.
Due to issues including the impact of illicit mining operations on cocoa plantations and a lack of support for farmers, cocoa production has decreased by about 50% in the last three years.
Significant administrative costs and financial irregularities within COCOBOD, such as excessive expenditure on non-essential items and inadequate financial control, are highlighted in the Auditor General’s report.
Due to financial instability brought on by the company’s forward sales shortfall to purchasers, payments to farmers have been delayed and the economy as a whole has been impacted.
In addition to hurting COCOBOD’s bottom line, these problems have damaged public confidence, particularly among cocoa farmers who depend on the organization for fair prices and necessary assistance.
The NDC has used COCOBOD’s financial situation as a political point of contention to attack the NPP’s economic leadership.
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