Kojo Bonsu, who sought the flagbearer position within the National Democratic Congress (NDC) but was unsuccessful, has called for a thorough investigation into Joseph Boahen Aidoo, the Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), in light of reported financial losses within the organization. In a recent statement made on Tuesday, August 29, 2023, Bonsu expressed his astonishment at the magnitude of these losses under the leadership of Joseph Boahen Aidoo and insisted that a comprehensive inquiry is needed to uncover the extent of the issue.
Bonsu pointed out that it is indeed puzzling for an institution of COCOBOD’s stature to find itself in such dire financial straits, on the brink of insolvency. He firmly believes that a rigorous investigation is essential to shed light on the current state of affairs at COCOBOD. It’s worth noting that COCOBOD has faced continuous financial challenges since 2016, with a staggering loss of over GH¢426.31 million recorded in the 2019/2020 crop year. The preceding crop year, 2018/19, also saw a significant loss of GH¢320.56 million.
Its quite Intriguing why an institution like COCOBOD is said to have run into 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
— KOJO BONSU (@KOJOBONSU10) August 29, 2023
Conversely, the Bank of Ghana (BoG) has attributed part of the GH¢60 billion loss to the government’s Domestic Debt Exchange Programme (DDEP) and loans taken by COCOBOD. This financial downturn starkly contrasts with the bank’s profits, which amounted to GH¢1.23 billion in the previous year, 2021.
Nevertheless, the Auditor-General, Johnson Akuamoah Asiedu, has voiced concerns regarding the mounting debt burden of the Ghana Cocoa Board (COCOBOD), which had reached approximately GH¢12.30 billion as of September 2020. This debt encompasses short-term cocoa loans totaling around GH¢8.49 billion, a 10-year loan from the Bank of Ghana amounting to nearly GH¢1.4 billion, a medium-term loan of GH¢1.28 billion, in addition to loans from the African Development Bank (AfDB) totaling GH¢1.14 billion and the Arab Bank for Economic Development in Africa (BADEA) Loan Account amounting to GH¢174,295.